Published 13:48 IST, February 13th 2024
President of fraud-hit, Daihatsu car unit to step down: Toyota
Daihatsu's Chairman, Sunao Matsubayashi, will also step down and not be replaced, Toyota said.
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Daihatsu Leadership: Automotive maker Toyota Motor Corp announced on Tuesday that both the President and Chairman of its small-car unit Daihatsu Motor will step down following revelations of misconduct related to rigged collision safety-tests.
CEO for Toyota's Latin America and Caribbean region, Masahiro Inoue, will replace Soichiro Okudaira as Daihatsu's President effective March 1, the world's top-selling automaker said.
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Okudaira had a long-running career at Toyota spanning nearly four decades from 1979 before he became President of Daihatsu in 2017, a year after the compact car maker became a wholly owned Toyota subsidiary in 2016.
Daihatsu's Chairman, Sunao Matsubayashi, will also step down and not be replaced, Toyota said.
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Given the misconduct over the safety test certification applications, Daihatsu also will be removed from a commercial vehicle (CV) partnership known as the Commercial Japan Partnership Technologies (CJPT), the automaker said in a separate statement.
Daihatsu's 10 per cent equity stake in the partnership will be transferred to Toyota, the statement said.
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12:55 IST, February 13th 2024