Nissan, Renault, Mitsubishi to Form New Body to Discuss Alliance

Economy

Tokyo, March 10 (Jiji Press)--Nissan Motor Co. <7201>, Renault SA and Mitsubishi Motors Corp. <7211> plan to form a new organization to discuss their alliance strategy in an effort to avoid concentrating power in the hands of one executive, informed sources said Sunday.

The new body, which will be attended by top executives from the three automakers, is expected to discuss a broad range of issues, from parts purchasing and research and development to ways to strengthen the three-way alliance.

It will take over the functions of the alliance board and some other conferences that had discussed the three firms' alliance strategy under the chairmanship of Carlos Ghosn, architect of the alliance.

The new body will be attended by Renault Chairman Jean-Dominique Senard, Nissan President and Chief Executive Officer Hiroto Saikawa and Mitsubishi Chairman and CEO Osamu Masuko.

Nissan, Renault and Mitsubishi agreed to shift to a collective leadership structure to oversee their alliance following the arrest of Ghosn in Tokyo in November for alleged financial misconduct.

[Copyright The Jiji Press, Ltd.]

Jiji Press