Though two of his principal deputies are leaving, the top executive at Mitsubishi retains his seat for the time being. Osamu Masuko (pictured above at right, seated) serves as both chairman and CEO, however with Nissan assuming over a third of the company's ownership, Masuko-san could still be replaced. A shareholders meeting is scheduled for June 24, when Aikawa and Nakao's resignations are set to take effect. According to the statement below, the company "will decide on the successors of both Representative Directors at our board of directors' meeting and make an announcement promptly."
The resignations of the top officials come in the wake of revelations that Mitsubishi had falsely reported the fuel-economy figures of its vehicles for decades. The broadening scandal was uncovered when Nissan tested vehicles which Mitsubishi manufactures on its behalf and found discrepancies. As his company prepares to take control of the ailing automaker, Nissan chief Carlos Ghosn says that the greatest challenge will be restoring Mitsubishi's reputation.
In a similar development, Suzuki also admitted to improper fuel-economy testing. The rival automaker claims that the measures were taken without the knowledge of senior management.
Tokyo, May 18, 2016 - Mitsubishi Motors Corporation (MMC) announced resignation of members of the board as follows:
1. Member of the Board who will resign
Tetsuro Aikawa President and COO, Representative Director
Ryugo Nakao Executive Vice President, Representative Director
2. Reason for resignations
As our announcement today on the Report to the Ministry of Land, Infrastructure, Transport and Tourism concerning improper conduct in fuel consumption testing of vehicles manufactured by MMC shows, MMC has caused tremendous trouble and concern to our customers and all of our stakeholders. Considering this, Mr. Aikawa and Mr. Nakao decided today that they will resign as Representative Directors as of June 24, 2016.
3. Date of resignation
June 24 (the day of MMC's ordinary shareholders meeting)
We will decide on the successors of both Representative Directors at our board of directors' meeting and make an announcement promptly.