Andreas Renschler, president of DaimlerChrysler AG subsidiary Smart GmbH, will take the helm of struggling automaker Mitsubishi Motors Corp. as early as April, industry sources said Wednesday.
Renschler, 45, will replace President Rolf Eckrodt, who is stepping down to take the blame for its flagging business results, the sources said.
The German publication Manager Magazin also reported Tuesday that Renschler will replace Eckrodt.
An MMC spokesman said the company would not comment on the report, saying it was "based on speculation."
DaimlerChrysler is MMC's biggest shareholder, holding an equity stake of 36.97 percent.
MMC denied news reports Tuesday that Eckrodt might step down to take the blame for the automaker's financial woes.
The automaker is set to release in Thursday its group earnings results for the October-December quarter, when it is expected to revise downward full-year group earnings projections for fiscal 2003.
In addition, MMC is expected to announce that it will name Mitsubishi Heavy Industries Managing Director Yoichiro Okazaki as chairman.
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