AutoBeta(AutoBeta.net)06/22 Report--

The position of chairman of Mitsubishi Motors has been up in the air since the arrest of Carlos Ghosn. Osamu Masuko, chief executive of Mitsubishi Motors, officially stepped down at the general meeting of Mitsubishi Motors on June 21, replacing Carlos Ghosn as chairman of Mitsubishi Motors, and Masako continued to serve as chairman of Mitsubishi's board of directors, Bloomberg reported.

Takao Kato, president of Indonesia, will take over as chief executive of Mitsubishi Motors.

Yoshiko joined the vehicle department of Mitsubishi Commercial Co., Ltd. in April 1972 and has been chairman of Mitsubishi Motors for 13 years.

Carlos Ghosn, who was arrested in Japan in November after being involved in a financial scandal, was released on bail but continues to be detained after more other financial misconduct was uncovered, and his detention is still being extended.

The board of Mitsubishi Motors unanimously decided in November to dismiss Carlos Ghosn as chairman, citing the loss of Nissan's trust and its difficulty in performing its duties as chairman of Mitsubishi Motors. Nissan's board of directors also unanimously voted to remove Ghosn as chairman of Nissan and as a representative director.

At present, including Renault, Nissan, Mitsubishi Motors and alliances have accelerated the removal of Ghosn and sought new ways of cooperation. In 1999, Renault acquired a 43.4% stake in Nissan, becoming Nissan's largest shareholder and reversing Nissan's lossmaking operating performance; in 2016, Nissan acquired a 34% stake in Mitsubishi, making it Mitsubishi's largest shareholder. Thus forming today's Renault-Nissan-Mitsubishi alliance.

Global sales of Mitsubishi Motors reached 1.219 million in 2018, an increase of 18.3% over the same period last year. On the other hand, sales of GAC-Mitsubishi in China have declined, rising 23% to 140000 vehicles in 2018. Growth has stagnated in 2019, with cumulative sales of 52029 vehicles in the first five months of this year, down 17.5% from the same period last year.

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