AUTO INDUSTRY NEWS

Report: Renault-Nissan CEO Ghosn may chair Mitsubishi Motors

Report: Renault-Nissan CEO Ghosn may chair Mitsubishi Motors image

Eric Tipan / Renault-Nissan press | October 20, 2016 11:23

Ghosn's new role may likely happen after special board meeting in December

After getting mired in a data-manipulation scandal early this year that resulted in a US$ 2.2 billion purchase by Nissan, Mitsubishi Motors may get a new chairman before the year ends.

Nissan, which will own 34-percent of Mitsubishi Motors after completion of the acquisition, is reportedly set to install its own CEO as chairman of Mitsubishi Motors after a special board meeting in December.

Carlos Ghosn, who is currently CEO of the Nissan-Renault Alliance, will be replacing current chairman Osamu Masuko who will be asked to stay on as president.

The appointment comes as no surprise to many after Nissan indicated their desire to nominate a chairman and members of the board after the takeover.

As chairman, Ghosn will take over a Mitsubishi Motors Corporation trying to cushion the blow of its first annual operating loss in eight years to the tune of US$ 1.4 billion.

Ghosn has led various companies from ‘the red’ including Michelin, Renault and most recently Nissan after the alliance was formed between the two automakers.

Source: Bloomberg