MITSUBISHI ELECTRIC PRESIDENT RESIGNS

Mitsubishi Electric Corp. President Takeshi Sugiyama said Friday he will step down to take responsibility for the Japanese electronics conglomerate's cheating revealed recently on inspections for air conditioners and air compressors for trains, according to Mainichi Shimbun report.

Speaking at a press conference, Sugiyama apologized for the company's failure to correct its "inappropriate" conduct that may have lasted over three decades since around 1985 saying that the latest fiasco has caused great trouble and worries.

"I reached a conclusion that it is necessary for me to step down so the company can work to regain trust under a new leadership," Sugiyama said.

"I have asked myself over and over again whether all stakeholders, from our customers and shareholders to our employees, will support my staying as president," Sugiyama said, adding that he made up his mind Thursday night.

Mitsubishi Electric admitted that about 84,000 air conditioners, as well as air compressors, have been shipped without proper inspections. Its customers include major Japanese train operators East Japan Railway Co., West Japan Railway Co., and Central Japan Railway Co.

Mitsubishi Electric has said, despite the lapses, the safety of the products has not been compromised. It plans to release the findings of its investigation in September, the company said in a statement. The Japanese electronics conglomerate did not reveal the issue to its shareholders when an annual meeting was held on Tuesday.

In its statement released on Wednesday, the company said it found out about data fabrication in air conditioner inspections in mid-June.

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