Sweeping changes are happening at Suzuki Motor Corporation. After leading the company for more than 40 years, Suzuki chairman Osamu Suzuki is retiring. According to the company, Suzuki will be officially stepping down from his current role as Chairman of the Board in June 2021.
His son, Toshihiro Suzuki now holds the reins of the automaker. That said, Osamu Suzuki will still play a vital role in the company. He will continue to remain with Suzuki as a senior adviser.
The 91-year old led the automaker longer than any other chairman or CEO in the industry. He initially served as Suzuki’s chief executive for 22 years after starting in 1978. Afterward, he was appointed chairman, a position he continues to serve until his retirement in June. Due to his long tenure leading Suzuki, he is credited for turning the automaker into what it is today. This includes the brand’s expansion into India and the capital tie-up with Toyota in 2019.
Following Suzuki’s retirement, Suzuki Motor also announced the company’s plans for the future. The automaker will be investing one trillion yen, most of which for electrification, in the next five years. Specifically, Suzuki plans to become carbon neutral, the trend most automakers around the world are trying to accomplish. They plan to roll out electrified products starting 2025, and make a “full-scale quantitative increase from 2030”. Suzuki hopes to reduce carbon emissions to zero by 2050.
There are also plans to increase the company’s profits even further. Suzuki aims to achieve 4.8 trillion yen in sales by 2025 with its newly expanded electrified lineup.
Osamu Suzuki’s retirement comes a week after Takahiro Hachigo announced his retirement and step down as Honda’s chief executive later this year.