The chief executive of Mitsubishi Heavy Industries has admitted that the Japanese conglomerate could require a sweeping overhaul and restructuring, as industrial groups look to separate their businesses in an effort to avert long-term decline.
Shares of MHI, whose businesses include coal power stations, shipbuilding, automotive turbochargers, space rockets and fighter jets, have dropped more than 40 per cent since Seiji Izumisawa took over in 2019.
“We believe that we need to change the organisation based on strategy, not having a [fixed form of] organisation,” said Izumisawa in a briefing with reporters.
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