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