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Nissan to name CEO Ghosn as chairman of Mitsubishi Motors

Wednesday, October 19, 2016 - 14:02
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Nissan Motor Co has decided to appoint its CEO, Carlos Ghosn, as chairman of Mitsubishi Motors Corp after Japan's No 2 automaker took a 34 percent stake in its smaller rival, the Nikkei newspaper reported on Wednesday.

[TOKYO] Nissan Motor Co has decided to appoint its CEO, Carlos Ghosn, as chairman of Mitsubishi Motors Corp after Japan's No 2 automaker took a 34 percent stake in its smaller rival, the Nikkei newspaper reported on Wednesday.

Mr Ghosn is also asking Mitsubishi Motors Chairman and President Osamu Masuko to stay on as president of the company when Nissan takes a controlling stake in the embattled automaker, which is mired in a mileage-cheating scandal.

Spokespeople from both companies declined to comment on the report. Shares of Mitsubishi Motors jumped more than 10 per cent at one point after the report.

Mitsubishi Motors will make a formal decision following a shareholders' meeting in December, the Nikkei said.

Nissan is set to close the deal by the end of the year.

REUTERS