Last month, Osamu Suzuki stepped down as CEO of Suzuki Motor Corporation following a fuel economy scandal that rocked the automaker. The company is currently in the middle of restructuring but has now announced a new CEO.
The new CEO for Suzuki Motor Corporation is Toshihiro Suzuki and he also takes double duty as the brand's Chief Operating Officer (COO). He joined Suzuki in 1994 and served as a plant manager in 2000. In 2011, he was appointed Executive Vice President and, four years later, as COO of Suzuki Motor Corporation. Toshihiro Suzuki is also the son of outgoing CEO, Osamu Suzuki. The elder Suzuki is now Representative Director and Chairman for the company. Meanwhile, Representative Director and Executive Vice President, Chief Technology Officer Osamu Honda retires from the company.
In their previous statement, the changes were made to “clarify the responsibilities of the management” against “the improper conduct in application of driving resistance, different from regulations (set) by the Ministry of Land, Infrastructure, Transport and Tourism.”
Also part of the major shuffle is a reduction of compensation. The representative directors as well as the directors themselves will not see bonuses at the end of the financial year of 2015, while bonuses for all senior managing officers and managing officers will be reduced by 50 percent. Lower management will also see a reduction in compensation – the representative director and chairman will have monthly compensation lowered by 40 percent over the next six months (beginning in July), and senior managing officers and managing officers will get a cut of 10 percent over the next three months.