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    6503   JP3902400005

MITSUBISHI ELECTRIC CORPORATION

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Mitsubishi Electric : CEO to quit over long-running data deceit

07/02/2021 | 04:06am EDT

* CEO says he regrets not informing shareholders earlier

* Falsified inspection data dates back to 1985

* Air conditioners supplied to 80 firms, compressors to 20

TOKYO, July 2 (Reuters) - Mitsubishi Electric's CEO said he will step down to take responsibility for "three decades of systematic deceit" during which the Japanese firm falsified inspection data for air conditioners and brake compressors used in trains.

The admission by Mitsubishi, whose products range from air conditioners and vacuum cleaners to industrial printers and satellites, further dents Japan's reputation for high-quality manufacturing, already tarnished by other cases of companies falsifying or covering up test data.

"I am shocked by this," Takeshi Sugiyama told a news conference, at which he apologised for the falsification and promised to appoint a successor as early as this month once he had helped coordinate the company's response to the problem.

Sugiyama, who became CEO in 2018 and has been with Mitsubishi for more than four decades, said on Friday he regretted not informing shareholders at its annual meeting on June 29.

Mitsubishi management was aware of the air conditioner data problem two weeks before and knew about the air compressor falsifications the day before shareholders met, but chose not to release the information until June 30, he said.

The latest corporate scandal comes amid heightened concern over corporate governance in Japan after an investigation found managers at Toshiba Corp, another well-established conglomerates, had colluded with the trade ministry to pressure foreign shareholders.

Japan's economy and trade minister, Hiroshi Kajiyama, said earlier that the government would act if it found that Mitsubishi had broken any laws or regulations.

Mitsubishi said the equipment supplied with falsified inspection data posed no safety risk, and although it breached contracts with customers, did not break any laws.

The company said it would release a full report in September, alongside measures to deal with the problem.

In the 35 years that Mitsubishi falsified inspection data, it supplied 84,600 air conditioning units to 80 rail companies.

It said it shipped 1,500 compressors, used in train brakes and doors, including in Japan's high-speed bullet trains, to 20 mostly domestic companies. (Reporting by Tim Kelly. Editing by Jane Merriman and Alexander Smith)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI ELECTRIC CORPORATION 2.87% 1593 End-of-day quote.2.31%
TOSHIBA CORPORATION 2.19% 4910 End-of-day quote.70.19%
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Financials
Sales 2022 4 540 B 40 990 M 40 990 M
Net income 2022 230 B 2 080 M 2 080 M
Net cash 2022 395 B 3 564 M 3 564 M
P/E ratio 2022 14,8x
Yield 2022 2,52%
Capitalization 3 405 B 30 754 M 30 742 M
EV / Sales 2022 0,66x
EV / Sales 2023 0,63x
Nbr of Employees 145 653
Free-Float 94,6%
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Number of Analysts 19
Last Close Price 1 593,00 JPY
Average target price 1 798,89 JPY
Spread / Average Target 12,9%
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Managers and Directors
Takeshi Sugiyama Executive President, CEO & Representative Director
Tadashi Kawagoishi CFO, Director, Head-Finance & Accounting
Masaki Sakuyama Chairman
Eiichiro Mitani Chief Information Officer & Executive Officer
Kunihiko Kaga Chief Technology Officer & Executive Officer
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