DCX would purchase a controlling 34 percent stake in the company for ¥450 billion (€2.1 billion). This would ostensibly preserve Mitsubishi's "independence", as only three out of the company's ten board members would be elected by the new largest shareholder, although DaimlerChrysler did now possess a veto power over boardroom decisions. For DCX, the benefit would come from increased market share without MMC's debts appearing on their balance sheet. Recall cover up Shortly after the deal was finalised, Mitsubishi became embroiled in accusations that it had covered up complaints from customers about defects in their vehicles. A police raid on its headquarters in July 2000 uncovered hidden documents stashed in a locker, and soon after over 500,000 vehicles were recalled for repairs. Mitsubishi's shares fell by 13 percent as these revelations became public, and over the summer, further investigations took a similar toll on the company's stock. By the end of August, following a second police raid, the total number of vehicles recalled had reached one million, while the share price had fallen by almost 30 percent. As a result of the collapse in the value of Mitsubishi, DaimlerChrysler renegotiated a €200 million reduction price of its stock purchase, while Kawasoe was forced to step down as chairman. Increasing control Mitsubishi's difficulties contributed to a sharp fall in the DaimlerChrysler group's profits, and following the recall of a further 1.5 million cars in February 2001, including almost a million in the U.S., the German parent moved quickly to restructure; approximately 10,000 Mitsubishi employees would be axed and one of its four assembly plants would be closed. The following month, DaimlerChrysler approached Volvo about acquiring the Swedish automaker's 3.3 percent stake in Mitsubishi. Volvo had planned on forming a joint venture with MMC for bus and truck manufacturing as part of a deal originally negotiated in 1999, until the involvement of DaimlerChrysler, a rival in the commercial vehicle marketplace, led Volvo to ultimately withdraw. The €760 million sale was concluded in April 2001, taking DCX's share to 37.3 percent. 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