TOKYO -- Mitsubishi Motors said Nissan Mitsuhiko Yamashita will become its head of research and development, part of a management overhaul in the wake of a fuel-economy scandal that also prompted the automaker to restate earnings.
Mitsubishi Chairman and CEO Osamu Masuko will also be president, taking over that role from Tetsuro Aikawa, who will leave the company.
Nissan is preparing to take a controlling one-third stake in Mitsubishi, which is reeling from its third scandal in two decades. Mitsubishi has seen over $3 billion wiped off its market value after admitting last month it overstated the fuel economy of at least four of its models in japan, including two sold by Nissan.
Yamashita, currently a senior technology adviser at Nissan, will take on the r&d role starting June 24. He was Nissan's executive vice president in charge of product and technology research and development until 2014, a position he had held since 2005.
The executive has been closely involved with the development of Nissan’s electric cars, and helped lead the automaker's collaboration in fuel cell vehicles with Daimler and Ford Motor. He also previously headed the company's technical research center in the U.S.
Revised annual profit
Mitsubishi also announced a special loss of 19.1 billion yen ($174 million) for the year that ended in March related to its manipulation of fuel-economy data.
As a result, it said net profit fell 39 percent to 72.6 billion yen in the year that ended in March. It had previously reported that that profit fell by a quarter to 89 billion yen.
The company did not provide forecasts for the current year.