DETROIT, US – Mitsubishi
Motors, the trouble hit carmaker, has confirmed its North American CEO,
Finbarr O’Neill, has resigned.
News of O’Neil’s departure unofficially started to leak late
afternoon yesterday before finally being confirmed late last night. O’Neil,
who has failed to turnaround the fortunes of the flagging Japanese carmaker,
is now set to become CEO of Reynolds & Reynolds, a software supplier
based in Ohio.
Mitsubishi plunged into deep trouble mid-last year when DaimlerChrysler
announced it was dropping the brand from its vast empire. Since then,
Mitsubishi has been hit with problem after problem, from lack of funds
to sharp drops in sale across all international markets.
The Japanese had hoped O’Neil, who’s widely credited for the
rise of Hyundai in the US, could work his magic with Mitsubishi, but commentators
now point to a plethora of problems dogging Mitsubishi and O’Neil.
In a statement to the press, O’Neil said: “My decision to
leave is a difficult and personal one. I truly believe that Mitsubishi
Motors is on the right track and will have a successful turnaround in
the North American market.”
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