Mitsubishi Motors president to step down - Nikkei | Reuters

Mitsubishi Motors Corp ( 7211.T ) President Tetsuro Aikawa will step down to take responsibility for the fuel economy data scandal, the Nikkei reported.

Reuters May 18, 2016 06:00:12 IST
Mitsubishi Motors president to step down - Nikkei
| Reuters

Mitsubishi Motors president to step down  Nikkei
 Reuters

Mitsubishi Motors Corp (7211.T) President Tetsuro Aikawa will step down to take responsibility for the fuel economy data scandal, the Nikkei reported.

Aikawa, who temporarily will be succeeded by Chairman Osamu Masuko, is set to leave around the time the third-party investigative committee compiles the final report in July or the stockholders meeting in June, the paper reported.

Masuko would continue in the dual role until the completion of Nissan Motor Co's (7201.T) acquisition of a stake in Mitsubishi, the Nikkei added.

Mitsubishi Motors and Nissan could not be immediately reached for a comment.

Nissan would appoint one of its directors to head Mitsubishi Motors' product development division after Mitsubishi Motors' regular shareholder meeting on June 24, the paper reported.

Japan's sixth-largest automaker, Mitsubishi, admitted in April it had overstated the fuel efficiency of 625,000 cars, wiping off around 40 percent of its market value, or $3.2 billion in three days.

Mitsubishi Motors plans to decrease its own directors from 13 to 11, while Nissan is set to nominate four directors, including the chairman, the paper added.

(Reporting by Rishika Sadam in Bengaluru; Editing by Stephen Coates)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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