TOKYO May 10 Japan's Takata Corp said on Friday that Stefan Stocker will become its next president, a change that comes after the company's flawed airbags led to a multi-million vehicle global recall.
Stocker, who is currently an corporate officer at the world's second-largest supplier of airbags and seatbelts, will replace Shigehisa Takada, who will become the firm's chairman. The changes are scheduled to take affect on June 26.
Japanese automakers including Toyota Motor Corp and Nissan Motor Co were forced in April to recall 3.4 million vehicles sold around the world because airbags supplied by Takata were at risk of catching fire or injuring passengers.
Takata, which is also a supplier to overseas automakers such as Ford Motor Co and Daimler AG, will book an annual extraordinary loss of 30 billion yen ($300 million) from the incident.
The Japanese company is slated to issue full-year financial results later Friday.