Takata CEO takes over role of president
Stocker to remain on board
The president of Japan-based automotive components manufacturer Takata, Stefan Stocker, has stepped down from the post, over a faulty airbag scandal that has sparked the recall of millions of vehicles, reports Reuters. Stocker will be replaced by Shigehisa Takada, grandson of the company's founder. In addition, Takada will retain the designation of chief executive officer of the company. Stocker will remain on the company's board. Additionally, the executives will take pay cuts as a result of the airbag situation. Stocker's salary will be reduced by 30% for four months, Takada will take a 50% pay cut for four months, and three other board members will see their pay temporarily reduced by 20%. The company says the change in management will help "streamline" its response to the airbag recall.
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