Takata Corp President To Quit

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Stefan Stocker, the President of Takata Corp will quit from his position as the company still faces trouble over the airbag issues.

Stocker has been the President of the Japanese airbag manufacturing company since February, when he took over the role from Shigehisa Takada, who is still the company's CEO and Chairman.

Now, Takada will be taking over as the CEO, Chairman and the President for Takata Corp.

Edwin Merner, the President of Atlantis Investment Research in Tokyo feels that putting all the management back to the Takada family sounds negative.

Takada is the grandson of the founder of Takata Corp. The family still owns a majority of the company.

Takata Corp has been facing severe pressure from safety regulators, lawmakers and people seeking damages through lawsuits.

Merner feels that if Takata does not receive new management, the company's survival looks very bleak.

Takata Corp has announced that Takada, will take a 50 percent compensation cut for four months due to safety crisis. Three more higher officials, along with Stocker will receive pay cuts for four months.

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Story first published: Monday, December 29, 2014, 10:29 [IST]
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