MMC to Name New President

Mitsubishi Motors Corp. plans to replace President Osamu Masuko with Managing Director Tetsuro Aikawa on April 1, according to media reports in Japan.

Masuko, who has headed MMC for nine years, will be named chairman, succeeding Takashi Nishoika.

MMC has struggled through a decade of recall cover-up scandal, a failed alliance with DaimlerChrysler, slumping sales and a complex capital structure. Earlier this month the company raised about $2.5 billion primarily to buy back preferred shares acquired in a bailout effort a decade ago by other Mitsubishi Group companies.

Aikawa's mission will be to accelerate the company's stated goal of finding alliances with other carmakers to lower its vehicle development and production costs. His background is in product development and manufacturing. Aikawa's father is a former president and chairman of MMC's largest shareholder, Mitsubishi Heavy Industries Ltd.