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Mitsubishi Motors Corp.Osamu Masuko resigns after 15 years for fitness reasons, as does the Japanese automaker’s partnership with Nissan Motor Co.and Renault SA is shaken by the deterioration in profits.
CEO Takao Kato will temporarily assume the position of president starting Friday, Mitsubishi Motors said in a statement.Masuko will remain as special adviser to the company, which did specify his condition.
Masuko, the last high-level executive left since Carlos Ghosn, the former president of the alliance’s 3 automakers, was arrested in November 2018 for reporting insufficiently.Although the alliance unveiled a new strategy in May, the 3 automakers are about to lose billions this year as they struggle to cope with the coronavirus pandemic, raising considerations about the viability of their association.
“Under new leadership, it will become clearer that Mitsubishi will prioritize its own rebirth,” said Seiji Sugiura, an analyst at Tokyo Tokai Research.
The global automotive alliance, created to compete with other automotive giants, has been expanding tension since the arrest of Ghosn.In addition to Ghosn, former Nissan CEO Hiroto Saikawa and former Renault CEO Thierry Bolloré resigned last year.loss of 140 billion yen ($1.3 billion) for the fiscal year through March and announced that it would close a Pajero SUV meetinghouse in Japan in an effort to reduce costs.
Masuko negotiated with Ghosn when Mitsubishi Motors became involved in an automotive inspection scandal in 2016 for falsifying fuel economy data.Nissan bought about a third of Mitsubishi.Masuko resigned as CEO in June 2019 and Kato took office.
The Japan Times LTD. All rights are reserved.