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Mazda names production expert Kogai as new CEO
May 9, 2013 / 3:36 AM / 5 years ago

Mazda names production expert Kogai as new CEO

TOKYO, May 9 (Reuters) - Mazda Motor Corp named Masamichi Kogai as its new chief executive on Thursday, promoting the 58-year-old who has pushed for production efficiency so the Japanese automaker can turn profits even in a strong-yen environment.

Current CEO Takashi Yamanouchi, 68, will stay on as chairman, Mazda said in a statement. The changes will take effect after a shareholders’ meeting and board meeting on June 25.

In the year ended March, Japan’s No.5 automaker by sales volume posted a 34.3 billion yen ($347.1 million) net profit, the first net profit in five years for a company that had been hammered by a strong yen. Mazda makes most of its cars in Japan and ships them abroad.

$1 = 98.8200 Japanese yen Reporting by Yoko Kubota; Editing by Daniel Magnowski

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