New CEO Rich Gilligan Makes Bold Move in Hiring Outside Management Team

New models, including Mitsubishi's upcoming Eclipse Coupe and Spyder, both built at the Normal plant, and the Raider

Mitsubishi is hoping that its hot new models will help boost sales. (Photo: Trevor Hofmann, Canadian Auto Press)

pickup truck, co-developed with DaimlerChrysler's Dodge division, are expected to boost sales.

New MMNA CEO Richard Gilligan said he expects the automaker's sales to improve over fiscal year 2005. He, like his predecessor, blamed last year's decline on the company's intentional pullback of low-margin fleet sales, as well as the result of a decision to end its policy of "no credit, no problem".

Previous CEO Pierre Gagnon, responsible for MMNA's "no credit, no problem" lending policy, which caused severe setbacks when high credit risk buyers chose not to pay for their new Mitsubishis, eliminated the program as well as

AlixPartners LLC has pulled a number of big companies back from the brink before, and hopefully they'll be able to do the same for Mitsubishi. (Photo: Trevor Hofmann, Canadian Auto Press)

reduced low-margin fleet and lease sales dramatically before relinquishing his position to O'Neill.

MMNA will now rely on Gilligan and turnaround experts AlixPartners LLC to maintain a course toward profitability.

"Mitsubishi Motors North America has hired AlixPartners LLC to serve as advisors to the company's management team over the next several months," stated MMNA in a statement announced Wednesday, adding that the advisers would review its turnaround and sales plans.