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DaimlerChrysler sends Smart president to help cut Mitsubishi Motors losses

DaimlerChrysler has named Andreas Renschler, president of the Smart subsidiary to lead a firefighting team to help turn around Mitsubishi's losses with a new 'mid-term business plan'. DaimlerChrysler owns 37% of MMC, and has just denied rumours that last year's growth in Mitsubishi's losses would lead it to bale out of its partnership.

Renschler has already worked with Mitsubishi executives on the joint development of their common-platform forfour and Colt models. Fellow DCX nominee Mitsubishi Motor' president Rolf Eckrodt has announced his willingness to resign if asked to by the Mitsubishi Motors board, in the light of the firm's failure to reach profit targets. Meanwhile MMC has nominated Yoichiro Okazaki as its new chairman , a post left vacant since October 28, 2003, when former chairman Takashi Sonobe died. ~Okazaki is currently serving as a Managing Director at Mitsubishi Heavy Industries, and the appointment is described as signalling "the continued commitment of Mitsubishi Heavy Industries, Mitsubishi Corporation, and Bank of Tokyo-Mitsubishi to stand behind Mitsubishi Motors"

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