Mitsubishi Motors Chairman Quits for Health Reasons

Economy

Tokyo, Aug. 7 (Jiji Press)--Mitsubishi Motors Corp. <7211> said Friday that Chairman Osamu Masuko, 71, resigned from the post for health reasons and became its special adviser on the day.

Chief Executive Officer Takao Kato will cover the duties of chairman on a temporary basis, the company said.

After Mitsubishi Motors announced a medium-term business program on July 27, Masuko told the company that he hopes to resign to concentrate on medical treatment, according to the company. Mitsubishi Motors has stopped short of disclosing details of his condition.

Masuko was sent to Mitsubishi Motors from major Japanese trader Mitsubishi Corp. <8058> in 2004 to reconstruct the automaker, which was in a management crisis at the time due to a vehicle recall cover-up scandal.

Since becoming Mitsubishi Motors president in 2005, Masuko had worked to realize a three-way alliance with Nissan Motor Co. <7201> and Renault SA. His resignation may have some effects on the alliance, sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press