Carlos Ghosn, CEO of Nissan and Renault, will also become the president of Mitsubishi Motors, advance Wednesday, October 19, the japanese media, information that provided hope of a resumption in hand of the builder at bay despite the calendar already loaded in the charismatic and ambitious boss. This new, first given by the daily newspaper Nikkei, has pushed the share of Mitsubishi Motors 7.85% on the Tokyo stock Exchange.
The progression would perhaps have been less strong if Mitsubishi Motors was launched prior to the closing (and not 45 minutes after) a severe warning on its annual results. Because of a scandal over falsification of data, it is now expecting a net loss of 240 billion yen (2.1 billion euros), compared to 145 billion previously estimated.
anyway, there seems to be no doubt that Mr. Ghosn will lead the restructuring, after the entry of Nissan in the capital of Mitsubishi Motors to the tune of 34% in the course of the month, writes the Nikkei, often very well-informed, without citing its sources. This appointment as chairman of the board of directors, proposed by Nissan, expected to be approved in December by the shareholders and directors of Mitsubishi Motors, says the journal.
The current boss of the group, Osamu Masuko, and is expected to remain in post as director-general, even if the terminologies and roles of staff in Japan are a little different from those applied in France. Contacted by AFP, a spokesman for Mitsubishi Motors has not wanted to comment on in the immediate this information.
This would not be a big surprise
if necessary, the arrival of Mr. Ghosn orders would not be a huge surprise, observers suspecting for weeks that in deciding to invest, the boss of Nissan would have one way or another the upper hand on the guidelines of Mitsubishi Motors, even if the person has several times obliged to minimize his role in order not to create concerns on its ability to manage everything from front.
Mitsubishi Motors is in full recovery phase after a scandal of make-up data on its vehicles, a case that could put to the ground the company if Nissan (purchases of mini vehicles in order to resell under its own brand) had not flown to his rescue.
taking a third of the share capital of the company under an agreement announced in may, Nissan intends to accompany a restructuring beneficial for both. Mitsubishi Motors has technologies that may be useful to Nissan, in particular for electric vehicles, and the methods to be applied in the latter are expected to show effective also at Mitsubishi Motors.
the”Killer costs”
The japanese investors who have an image instead of the positive way in which Mr Ghosn manages companies that he manages, renting a strategy deemed clear and a fierce desire to reduce expenses to improve profitability, even if it means sacrificing a small supplier, which has sometimes been criticized in the case of Nissan.
In fact, the rise of the action reflects the hope that the “killer costs,” Ghosn will succeed at Mitsubishi Motors as at Nissan, which he recovered while she was in danger when Renault decided in 1999 to take partial control.
Mitsubishi Motors is now also in a difficult situation. The manufacturer had, on 20 April, admitted to data manipulation on the four models of mini-cars, including two built for Nissan. Mitsubishi Motors was then admitted to have used tests that are not licensed in Japan for the past 25 years on several other vehicles.
The loss of afferent feared for the current year will be the first in eight years.
(With AFP)
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