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TOKYO (AP) -- Japanese automaker Mitsubishi Motors Corp. has picked an executive from the Mitsubishi conglomerate as president and chief executive to replace Rolf Eckrodt, who had been sent by partner DaimlerChrysler AG.

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.

Eckrodt stepped down Monday as chief executive and president. He said his departure was related to DaimlerChrysler's decision not to offer further financial support to Mitsubishi Motors.

Although Eckrodt's resignation had been expected, speculation had been for him to leave in June to make way for a revival strategy with fresh funding from DaimlerChrysler. Eckrodt had been chosen by DaimlerChrysler in 2001 to head Mitsubishi Motors.

Okazaki, 61, has little experience in the auto industry. 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.

DaimlerChrysler made a surprise announcement last week that it had decided against pumping more money into Mitsubishi Motors, dashing hopes that Friday's shareholders meeting will be a place to unveil a massive bailout plan.

But the Mitsubishi group companies have said they will stand behind the automaker's revival. Mitsubishi Heavy Industries owns 15 percent of the automaker, trading company Mitsubishi Corp. a 5 percent stake, and Bank of Tokyo-Mitsubishi 3 percent.

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sounds like they just picked any o' person that could care less because their due to retire. someone has to go down with the ship.
 

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I hope this helps them, honestly I do. I'm a Lancer kinda guy...
 

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Originally posted by idontcareican@May 1 2004, 06:51 PM
Mitsubishi so screwed up when they made the boy racer Eclipse into a yuppie boat.
Umm, care to explain? I still think it's the same car, just with a V6 and less curvaceous styling. Tuners *I mean "Ricers"* love it...
 

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There is a big difference between a 2.0 inline turbocharged 4 and a 3.0 V6 to start with. They have entirely different characteristics. Styling between the two was similar because they both had 2 doors, little else is similar. The new car increased its dimensions slightly, added about a hundred pounds and came out the box slower. It benefited from the redesign in noise and vibration reduction but turned into a tourer and lost its place as a racer. It’s no place near where it needs to be in its present form but I hope the redesign will take it back to its origins. Word on the redesign doesn’t suggest it will. I know Mitsubishi got financially burned recently by selling so many vehicles to youth who couldn’t or wouldn’t finish paying for them so I don’t know where Mitsubishi wants to go with this car. They probably will look to an older consumer in the future.
 
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