Mitsubishi Motors' long-time president to step aside-sources
TOKYO (REUTERS) - Mitsubishi Motors Corp will appoint Managing Director Tetsuro Aikawa to replace Osamu Masuko as president, while Mr Masuko, who has led the automaker for the past nine years, will become chairman after stepping aside, sources close to the matter said on Friday.
The new structure will take effect on April 1, the sources said, declining to be identified because the decision is not public. Chairman Takashi Nishioka will resign, they said.
The management changes would come as Japan's second-tier automaker seeks to leave behind an arduous decade of slumping sales and a tenuous capital structure that had threatened its standing in the increasingly competitive global auto industry.
Mitsubishi Motors this month raised more than US$2 billion (S$3 billion) mainly to buy back preferred shares issued to sister companies in the Mitsubishi group, which funded the automaker's bailout after a failed capital alliance with then-DaimlerChrysler and a debilitating recall cover-up scandal.