After announcing their abandonment of their 2017 sales target of selling 6 million vehicles annually, the Japanese automaker recently announced that company CEO Takanobu Ito will be stepping down from his position and will be replaced by Honda's Managing Officer, Takahiro Hachigo.

Ito will remain with the company as a member of the board as well as Director and Advisor to Honda Motor Company, Ltd. while Hachigo will take his new position as CEO and as Representative Director effective immediately on late June 2015 after the automaker's annual shareholders' meeting.

Recently the Honda Motor Company experienced problems with regards to quality and recalls, particularly with the Takata-sourced airbags in various Honda models. 

Ito's replacement, Takahiro Hachigo, first joined the company back in 1982 when he first became a part of Honda's automobile research and development operations. Hachigo led the development of the first-generation of the U.S.-built Odyssey minivan along with the brand's well-known compact SUV, the CR-V.