Mitsubishi President, Executive Vice President Plan To Resign Over Scandal

Wed, May 18, 2016 1,604

Mitsubishi’s fuel economy cheating scandal has resulted in dire consequences for two of its top executives.

President and chief operating officer Tetsuro Aikawa will resign, the Japanese manufacturer announced Tuesday. The company also announced that executive vice president Ryugo Nakao will resign.

The downfall for Mitsubishi began in April, when it admitted it had exaggerated fuel economy data since 1991. Sales of the Outlander SUV, i-miEV, eK wagon and eK space light, Dayz and Dayz Roox models were halted.

Aikawa said in a news conference he felt “a great responsibility” for the scandal.

As overall sales and Mitsubishi’s stock price dropped, Nissan swept in and bought a 34-percent stake in the company for $2.2 million, giving Nissan a controlling interest, according to Road & Track.

“(Mitsubishi Motors Corporation) has caused tremendous trouble and concern to our customers and all of our stakeholders,” Mitsubishi said in a release. “Considering this, Mr. Aikawa and Mr. Nakao decided today that they will resign as Representative Directors as of June 24, 2016.”

Mitsubishi says it plans to decide on the company’s successors at its upcoming board of directors’ meeting.

Thumbnail photo via Mitsubishi Motors