Tokyo, Apr 30: Mitsubishi Motors today said it had brought in a group firm executive to head the debt-ridden Japanese carmaker as it seeks to survive without extra cash from its main shareholder DaimlerChrysler. Mitsubishi heavy industries director Yoichiro Okazaki, who had already been appointed chairman of Japan's fourth-largest carmaker, has been nominated president and chief executive officer of Mitsubishi Motors Corp., the company said in a statement. Okazaki, 61, will take up the CEO's position left vacant by the resignation of Rolf Eckrodt, who had been seconded to Mitsubishi from the US-German auto giant.
The resignation followed last week's surprise announcement that DaimlerChrysler had decided against putting more funds into the carmaker.
Mitsubishi shareholders approved the nomination at an extraordinary meeting today, when the company had originally scheduled to announce a drastic restructuring plan, supposedly backed by DaimlerChrysler.

The Mitsubishi conglomerate now plans to thrash out an alternative plan within a month.


Mitsubishi motors kicked off the meeting at its headquarters in central Tokyo chaired by chief financial officer Keiichiro Hashimoto, who has been overseeing business since Eckrodt resigned.


Bureau Report