Associated Press reports that Japanese automaker Mitsubishi Motors Corp. has picked an executive from the Mitsubishi conglomerate as president and chief executive to replace Rolf Eckrodt.
 
The appointment of Yoichiro Okazaki, now a director at Mitsubishi Heavy Industries, is subject to shareholders’ approval at a meeting Friday, the automaker said in a statement.


Rolf Eckrodt resigned on Monday as chief executive and president following DaimlerChrysler‘s decision not to offer further financial support to Mitsubishi Motors.


Eckrodt had been chosen by DaimlerChrysler in 2001 to head Mitsubishi Motors.


Okazaki, 61, has little experience in the auto industry, AP reported. He was nominated chairman in February to head the team that will develop a new turnaround plan. He was also nominated as president and chief executive by the board of directors Thursday, the company said.


Mitsubishi Heavy Industries owns 15 percent of Mitsubishi Motors, trading company Mitsubishi Corp. has a 5 percent stake and Bank of Tokyo-Mitsubishi owns 3 percent. DaimlerChrysler has not said what it will do with its 37 percent stake in Mitsubishi Motors, but has said the two automakers’ joint projects in Chrysler, Smart and other passenger cars will continue.