Olivier Boulay, then the head of DaimlerChrysler's Japanese design studio in Yokohama, was recruited by Mitsubishi in May 2001. Answering directly to Rolf Eckrodt, the DCX-appointed Chief Operating Officer, Boulay's appointment was part of the "Turnaround Plan" initiated by Eckrodt and new Chief Executive Takashi Sonobe, where Mitsubishi tried to move away from an engineering-led approach to development. Despite the new initiatives and increased investment, Mitsubishi Motors announced a revised profit forecast in April 2001, and their downward projections were confirmed in May when the company reported a net loss for the year of ¥278 billion.