Mitsubishi President to step down in June

Mitsubishi has announced the resignation of CEO and President Tetsuro Aikawa amidst the brand’s admission of falsifying data to improve fuel economy in print.

“I must step down so that a fundamental reform can take place in the vehicle development department,” Aikawa said. He denied any personal involvement in the issue but has apologized to customers and shareholders nonetheless.

This is in light of Nissan’s proposal to take a 34% controlling stake in Mitsubishi for more than 2 billion dollars that’s still subject to regulatory approval. They are said to put four people into Mitsubishi’s board, and will also send engineers to the latter’s vehicle-development team which was determined as the source of the issue.

Aikawa will step down on June 24, 2016 during Mitsubishi’s shareholders meeting. The position would be temporarily filled by Mitsubishi Motors Chairman Osamu Masuko.