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Mitsubishi chief quits

Stefan Jacoby, the president and chief executive officer of Mitsubishi Motors Europe has left after just over two years in the job.

The company says Jacoby decided to leave to pursue other opportunities. As part of a new management team imposed in 2001 he helped successfully restructure the Japanese carmaker's European operations and saw groundbreaking results in terms of finance, distribution, manufacturing, brand and product.

A statement issued by the company said: “Now re-organised and running at full speed, Mitsubishi Motors Europe will focus on the strengthening of these foundations and its 2007 objective of 300,000 units.” It adds that a new president and chief executive officer will be announced soon.

Last year, Mitsubishi saw its first sales increase since 1999, achieving 208,000 units while MME recorded its first profits in 30 uears. A record sales performance in the UK contributed to the stabilisation of the business. UK distributor The Colt Car Company increased its sales by 18.8%.

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