Mitsubishi CEO Osamu Masuko
Mitsubishi CEO Osamu Masuko replaces chairman of the Board of Mitsubishi Motors Corporation effective immediately, following the removal of Renault-Nissan alliance leader Carlos Ghosn.
Its board of directors announced the short-term move after the Renault CEO’s arrest in Tokyo and accusations over financial misconduct and underreported income.
The arrest, accusations, and axing from the Mitsubishi Board of Directors add more weight to a bumpy week for the Brazilian-born businessman. Renault plans to audit his compensation history, and Nissan has fired him from chair on their board, putting the alliance between Nissan and Renault in jeopardy.
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In a statement, Mitsubishi Motors clarified its reasons for ousting Ghosn. It said that Nissan had lost its confidence in its chairman and that it deemed his continued service on Mitsubishi’s board as Representative Director “difficult.”
Two years ago, Ghosn heralded himself as a savior in the car industry when his leadership provided an anchor for Mitsubishi, succeeding a period when the Japanese automaker reported overstated fuel mileage figures for its lineup.
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Now the shoe is on the other foot as Ghosn perhaps needs an anchor to weather the storm into which he has sailed.
Mitsubishi’s board will name a new chairman by its next General Shareholders Meeting.
Source: Mitsubishi Motors, Automotive News (Subscription Required)
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