Airbag Maker Takata Named Stefan Stocker its First Foreign President image

Japanese Takata Corp named Stefan Stocker to be the company’s first foreign president.

Swiss national Stefan Stocker has previously worked from 2002 to 2009 as president of auto parts maker Bosch’s Japanese operations. Now he will become Takata’s president replacing founding family member Shigehisa Takada, who will become the company’s chairman and CEO.

The change is leadership comes shortly after major German and Japanese automakers such as Honda, Toyota and BMW recalled 3.6 million vehicles globally because of flawed airbags manufactured by Takata, which is the second-largest seatbelt and airbag maker in the world. In February Stoker was named Takata’s corporate officer and starting with June 26th he will ssume the posts of president and CEO.

“He has been working with us in the capacity of an advisor for more than a year… The recall has nothing to do with this change,” said Takata’s Chief Financial Officer Yoichiro Nomura.

Toyota recalled 1.73 million vehicles , Honda recalled 1.14 million vehicles, Nissan is recalling about 480,000 vehicles and Mazda 45,500 vehicles. After Toyota, Honda and Nissan announced the recalls, Takata’s shares dropped 15% in Tokyo trading. Toyota said that so far no injuries or deaths were reported due to this problem.

Source: Reuters