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4-Traders Homepage  >  Equities  >  Tokyo  >  MITSUBISHI MOTORS CORPORATION    7211   JP3899800001

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Mitsubishi Motors' Masuko steps down as president, stays on as CEO

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06/23/2017 | 02:33pm CEST

Mitsubishi Motors Corp. President Osamu Masuko on Friday stepped down from the position but will stay on as CEO, the company said.

The automaker, which last year came under the wing of Nissan Motor Co. following a scandal over falsification of fuel economy data, also plans to permanently abolish the title of president in fiscal 2018 by changing its articles of incorporation.

The move effectively bolsters the role of Chairman Carlos Ghosn, also CEO of both Nissan and its partner Renault SA, as top executive.

Masuko had previously made clear his intention to resign after Nissan rescued Mitsubishi Motors by purchasing a 34 percent stake in the company, following its fall into financial distress due to the scandal.

Although he stayed on at Ghosn's request, he has faced criticism for keeping his position despite heading the company during the period the data falsification took place.

At a general meeting of shareholders held Friday in Tokyo, he addressed such views by saying, "I see paving the way for our partnership with Nissan and Renault as an important duty of mine."

==Kyodo

© Kyodo News International, Inc., source Newswire

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Financials ( JPY)
Sales 2018 2 007 911 M
EBIT 2018 -
Net income 2018 71 490 M
Finance 2018 514 657 M
Yield 2018 1,87%
P/E ratio 2018 15,28
P/E ratio 2019 13,11
EV / Sales 2018 0,28x
EV / Sales 2019 0,26x
Capitalization 1 081 945 M
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Mean consensus HOLD
Number of Analysts 12
Average target price 703  JPY
Spread / Average Target -3,1%
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Managers
NameTitle
Osamu Masuko President, CEO & Representative Director
Carlos Ghosn Bichara Chairman
Trevor Mann Chief Operating Officer
Masao Kuruma Chief Information Officer
Harumi Sakamoto Non-Executive Director
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