Mitsubishi Motors' President Resigns

Tetsuro Aikawa, Mitsubishi Motors' president and COO will be stepping down from the company next month. In a statement released by the company, Aikawa will resign on June 24th, the same date of Mitsubishi's annual shareholders meeting.

Ryugo Nakao, the executive vice president for quality and product strategy will also be stepping down at the same time.

Automotive News reports that Akiawa stepped down for two key reasons. The first was that he was the director of the r&d division that inflated the fuel economy test figures. The second is to give a clean slate for the new development chief, that will likely be installed by Nissan as part of the two companies' new alliance.

“For causing trouble and worry first and foremost to our customers and to all involved, I take responsibility,” said Akiawa.

During a press conference today, CEO Osamu Masuko said he would handle the duties of both people for the time being until replacements are found.

Source: Automotive News (Subscription Required), Mitsubishi Motors

Press Release is on Page 2

Personnel Changes (Resignation) of Members of the Board

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