Osamu Masuko stepped down as Chairman and CEO of Mitsubishi Motors, which he has held since 2007. The decision was made after the publication of a quarterly report, in which the brand recorded huge losses.
The official Mitsubishi website states that the 71-year-old Masuko made such a decision due to health problems, however, in the future he will be a special adviser to Mitsubishi Motors. His duties as Chairman of the Board will be temporarily taken over by the Group's Chief Executive Officer Takao Kato.
It was Masuko who oversaw the creation of a partnership between Mitsubishi and Nissan in 2016, which resulted in Nissan taking a controlling stake in MMC, and MMC itself became the third member of the Renault-Nissan alliance.
On July 27, Mitsubishi Motors reported a net loss of $1.6 billion for the first quarter of fiscal year 2020 (April 1 to June 30). At the end of July, MMC published its anti-crisis plan until 2023, according to which it will soon leave the European market. The staff and lineup will also be reduced. The legendary Pajero SUV will be put under the knife.
The head of Mitsubishi Motors deteriorated health after a report on billions in losses
