Mitsubishi Motors chief quits today

Rolf Eckrodt resigned as chief executive and president of Mitsubishi Motors today after its US-German partner refused to help finance the struggling Japanese car manufacturer’s turnaround plan.

The Tokyo-based company, burdened with a multi-billion euro debts, plunging car sales and a spate of recalls, was dealt a serious blow by the DaimlerChrysler decision not to hand over more cash to aid a revival plan.