AMSTERDAM -- Former Mitsubishi Motors Europe CEO Stefan Jacoby has secured a top position with Volkswagen, sources say.
Jacoby is believed to be ready to take a board-level job that gives him responsibility for sales and marketing for all VW brands.
VW isn't commenting. But some Mitsubishi top executives have confirmed that Jacoby, 46, will return to the company where he served as Asia-Pacific boss from 1997 to 2001.
Jacoby's friends say he could take the spot, but not necessarily the title, formerly held by Robert Büchelhofer, who left VW last year when his post on the management board was scrapped.
Jacoby resigned from Mitsubishi on January 31. In just over two years he turned Mitsubishi's European operation from a loss maker to breakeven and he beat his target of selling more than 205,000 units in Europe in 2003.
Jacoby's departure is just part of the bad news at Mitsubishi Motors Corp. The troubled Japanese automaker will unveil sweeping changes at a shareholders meeting April 30.
Mitsubishi Motors, controlled by DaimlerChrysler, will disclose a new management team and a new restructuring plan.
President Rolf Eckrodt would not confirm reports that Andreas Renschler, head of DaimlerChrysler's Smart car division, will replace him as president later this year.
"I'm waiting for that decision" from the shareholders, he said.
Mounting losses and the failure of the current three-year turnaround plan are driving the planned changes.
Mitsubishi will receive approval for a cash injection from its two leading parents on April 30. It then will issue preferred shares to DaimlerChrysler and to the members of the Mitsubishi Group, which own 37.3 and 33.8 percent of the carmaker, respectively.
The company has not said how much cash it will raise that way, but reports put the figure between $935 million and $1.9 billion (E735 million to E1.5 billion).
Jim Treece contributed