Mitsubishi Fuso modernizes its board of directors with
important personnel changes as of April 1st 2016
March 28, 2016
In an effort to modernize its corporate governance according to the Japanese Corporate Governance Code, Mitsubishi Fuso Truck and Bus Corporation (MFTBC), one of Asia’s leading commercial vehicle manufacturers, today announced important personnel changes in its board of directors. These changes include the addition of more non-executive directors as well as ensuring a diversity of corporate backgrounds of its members, to ensure a compliant and growth oriented corporate control-body. All changes are effective as of April 1st 2016.
Mr. Frank Markus Weber, currently Senior Vice President, CFO and Member of the Board, MFTBC, returns to Daimler AG’s Headquarter in Germany, to become Head of Mergers & Acquisitions/Corporate Real Estate as of April 1st, 2016. Mr. Weber was responsible for Finance & Controlling of MFTBC since 2011, and also for the whole Daimler Trucks Asia (DTA) organization since August, 2013.
As a successor of Mr. Frank Markus Weber, Mr. Herbert Werner, currently CFO Mercedes-Benz South Africa Ltd. (MBSA) & Executive Director Finance & Controlling, will be appointed as CFO Mitsubishi Fuso Truck and Bus Corporation and Member of the Board of MFTBC as Representative Director.
Mr. Kazuo Matsunaga will become Vice Chairman of the Board, MFTBC. Mr. Matsunaga joined the Ministry of International Trade and Industry (currently Ministry of Economy, Trade and Industry (“METI”) in 1974. He was Vice-Minister of Economy, Trade and Industry from 2010 to 2011. Currently he is Advisor, Sompo Japan Nipponkoa Insurance Inc. Mr. Matsunga brings a lot of knowledge and contacts about the Japanese business- and political environment, that the board will benefit from.
Mr. Jochen Goetz, Head of Finance & Controlling Daimler Trucks & Buses, Daimler AG will become a non-executive director of MFTBC. Mr. Goetz has worked for Daimler since 26 years and gained in depth experiences in the Finance and Controlling processes of the company. He will help the board to align and exchange know how with other business units in Daimler Trucks.
Mr. Erich Nesselhauf, Managing Director and CEO, Daimler India Commercial Vehicles Pvt. Ltd will also become a Non-executive Director of MFTBC. Nesselhauf was amongst the founding management-tem of DICV as the Head of Procurement and Supply chain management, and heads the MFTBC partner organization since 2014. As a close partner he will be able to ad his valuable knowledge to create further growth opportunities for MFTBC.
Other members of the MFTBC board of directors that remain unchanged are:
Dr. Albert Kirchmann, Chairman of the Board of Directors MFTBC and Daimler Trucks Asia [Representative Director for MFTBC board]
Marc Llistosella, President and CEO of Mitsubishi Fuso Truck and Bus Corporation [Representative Director for MFTBC board]
Dr. Wolfgang Bernhard, Member of the board of management Daimler AG and Head of Daimler Trucks & Buses [Non-Executive Director for MFTBC board]
Noboru Tsuji, Senior Vice President, Division COO, Motor Vehicle Business Division, Mitsubishi Corporation [Non-Executive Outside Director for MFTBC board)
Dr. Albert Kirchmann, Representative Director, Chairman of the Board, MFTBC stated:
“With these changes we not only implement a new corporate governance for our board, but we also aspire to become a role model in modern corporate governance. We achieve this by considering diversity and adding more non-executive Directors to achieve better governance standards in the MFTBC Board.”
Based in Kawasaki, Japan, Mitsubishi Fuso Truck and Bus Corporation (MFTBC) is one of Asia’s leading commercial vehicle manufacturers. In 2015, the company sold a total of about 154,200 vehicles including light-, medium- and heavy-duty trucks and buses. Daimler AG owns 89.29% of MFTBC shares and various Mitsubishi group companies own 10.71% of MFTBC shares. MFTBC is an integral part of the Daimler Trucks Division of Daimler AG