 At the time the company was suffering the effects of the East Asian financial crisis, and Kawasoe's first year in charge would be marked by a ¥25.7 billion net loss and the suspension of dividend payments to shareholders.In response, Kawasoe proposed a recovery strategy of staff cuts, rationalisation of car platforms, and the closure of plants in Thailand and New Zealand.However, the plan was only partially successful, and following another year without dividend payments in 1999, Mitsubishi was forced to seek external support when it sold a controlling 34 percent stake to DaimlerChrysler for €2.1 billion on March 27, 2000.