New Mitsubishi Motors CEO vows to achieve growth through alliance with Nissan, Renault

The newly named CEO of Mitsubishi Motors Corp. has pledged to achieve growth by strengthening the company competitiveness through its alliance with Renault and Nissan in the fast-evolving industry.

Masuko will remain chairman with representative rights and continue to handle negotiations with other partners over management of the three-way alliance, recently staggered by the arreast of its leader, Carlos Ghosan.

The 70-year-old will represent Mitsubishi Motors on the alliance board comprised of CEOs of Nissan and Renault and Chairman of Renault Jean-Dominique Senard.

In the three-way alliance, Renault holds a stake of 43.4 percent with voting right in Nissan. While Nissan has a controlling stake of 34 percent I Mitsubishi Motors and a 15 percent stake in Renault without voting right.