In an unexpected move, Honda Motor Co. announced Monday that president and CEO Takanobu Ito is stepping down as company president and CEO.
DETROIT, MI - In an unexpected move, Honda Motor Co. announced Monday that president and CEO Takanobu Ito is stepping down.
He has been at the helm of the Japanese automaker since 2009. Automotive News notes that his tenure has been tumultuous, beginning with the global recession and then continuing with the 2011 earthquake-tsunami and, more recently, the recall of millions of vehicles linked to Takata Corp. airbags.
Takahiro Hachigo, currently the company's Managing Officer, will become Senior
Managing Officer effective April 1, and will become president and CEO in late June, pending approval of an annual shareholder's meeting that month.
Ito joined Honda in 1978 as a chassis design engineer, and later led the development of the first generation Acura NSX, a highly successful sports car that now has a kind of cult following.
More recently, he helped Honda expand manufacturing operations abroad, such as in Mexico, Brazil, Thailand, Indonesia, India and China, according to a statement from the company.
Hachigo joined Honda in 1982, also as a chassis design engineer. He helped develop the U.S.-built Odyssey minivan, launched in 1999. He later helped develop the second-generation CR-V.
David Muller is the automotive and business reporter for MLive Media Group in Detroit. Email him at dmuller@mlive.com or follow him on Twitter