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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nissan Motor Co., Ltd.    7201   JP3672400003

NISSAN MOTOR CO., LTD.

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Mitsubishi Motors executive behind Nissan alliance dies

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08/31/2020 | 07:10am EDT

TOKYO (AP) — Former Mitsubishi Motors Chief Executive Osamu Masuko, who engineered the Japanese automaker’s alliance with Nissan, has died. He was 71.

Masuko was named a special adviser to the company when he resigned for health reasons as of Aug. 7. Mitsubishi Motors Corp. said he died of heart failure on Aug. 27.

Masuko joined with former Nissan Chairman Carlos Ghosn in forming an alliance in 2016. Ghosn was arrested and charged with alleged financial misconduct in late 2018, but skipped bail and fled to Lebanon.

After he was named president of Mitsubishi Motors in 2005, Masuko worked hard to rebuild its brand image, which had been hammered by a massive, systematic and decades-long cover-up of defects that surfaced in the early 2000s.

Calm and soft-spoken, Masuko came to symbolize Mitsubishi Motors' revitalization.

Masuko had said he was stunned and saddened by Ghosn's arrest.

“I still can’t figure out why, and I just don’t understand,” he told reporters then.

Nissan Motor Co. Chief Executive Makoto Uchida offered his condolences.

“His wisdom and foresight will remain as an inspiration to the automotive industry, and we will always honor his memory,” Uchida said, stressing his role in building the alliance as well as other contributions to the overall auto industry.

Mitsubishi's alliance with Nissan and Renault of France was seen as an astute move, giving the automakers an edge in an increasingly competitive global market.

“During his tenure for about 16 years at MMC, Masuko made great achievements by fully demonstrating his management skills, which also enabled the company to overcome difficulties,” Mitsubishi Motors said.

Masuko helped build the company’s business in Southeast Asia, a key source of growth for it. He also aggressively pushed the development of ecological models.

Masuko studied political science and economics at Waseda University and did not have an engineering background. He joined trading company Mitsubishi Corp. in 1972.

In 2004, he joined Mitsubishi Motors, which makes the Pajero and Outlander sport utility vehicles, as managing director of its overseas operations.

Tokyo-based Mitsubishi Motors said it is not planning any special services, respecting Masuko’s wishes. The family has already held a vigil and funeral, it said.

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News


Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI CORPORATION -0.65% 2380 End-of-day quote.-17.93%
MITSUBISHI MOTORS CORPORATION 2.02% 202 End-of-day quote.-55.90%
NISSAN MOTOR CO., LTD. 0.48% 375.9 End-of-day quote.-40.91%
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Financials
Sales 2021 7 805 B 74 745 M 74 745 M
Net income 2021 -538 699 M -5 159 M -5 159 M
Net Debt 2021 6 289 B 60 222 M 60 222 M
P/E ratio 2021 -2,72x
Yield 2021 -
Capitalization 1 471 B 14 056 M 14 086 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,89x
Nbr of Employees 136 134
Free-Float 45,6%
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Number of Analysts 21
Average target price 436,11 JPY
Last Close Price 375,90 JPY
Spread / Highest target 294%
Spread / Average Target 16,0%
Spread / Lowest Target -46,8%
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NameTitle
Makoto Uchida Executive President & Chief Executive Officer
Yasushi Kimura Chairman
Ashwani Gupta COO & Representative Executive Officer
Stephen Ma Chief Financial Officer & Executive Officer
Anthony Thomas Chief Information Officer
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