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Top MMC Execs May Resign Over Fuel Economy Scandal
Japanese media say the chairman-CEO and president-COO at Mitsubishi Motors Corp. are likely to resign over the company’s admission that it has falsified fuel economy data for 25 years.
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Japanese media say the chairman-CEO and president-COO at Mitsubishi Motors Corp. are likely to resign over the company’s admission that it has falsified fuel economy data for 25 years.
Osamu Masuko, MMC’s chairman and CEO, has told several dealers and suppliers he intends to step down, the daily Yomiuri reports. The Mainichi newspaper says President and Chief Operating Officer Tetsuro Aikawa also has decided to resign.
The reports say both men will leave in about three months after a new external investigating team completes a review of the company’s wrongdoing. The company admits overstating fuel economy figures by 5%-10% for 625,000 minicars sold in Japan under the Mitsubishi and Nissan Motor Co. brands.
The Japan Times cites analysts who estimate the cost of fines and owner compensation related to that group of cars could top 100 billion yen ($900 million). The newspaper says MMC may have use a similar unapproved testing technique on more than 2 million vehicles sold since 2002.
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