Suzuki Chief Executive Returning as President

Osamu Suzuki returns as Suzuki President

Osamu Suzuki, the current Chairman and Chief Executive of Suzuki, is returning as president of the Japanese carmaker, a post he held until 2000. According to Autonews, the two Suzuki employees will change positions within the company on Thursday, with Osamu Suzuki becoming the new Suzuki president after Hiroshi Tsuda stepped down for health reasons. Suzuki is married to Michio Suzuki's granddaughter, founder of the company who started the business in 1909.

Osamu explained that he accepted the new job especially because there's nobody who could replace him right now when the company is experiencing difficult times due to the global recession.

"There's no one suitable to take my place right now. One thing I can say is that with folks dropping like flies like this, the prerequisite for the next president would be robust health. As for me, I have my parents to thank for mine," Suzuki's new 78-year-old President told Autonews.

Hiroshi Tsuda switches to an advisory task

Obviously, Osamu Suzuki will bring his own managing team consisting of three senior managing directors who were promoted to representative board members, the aforementioned source added, with Hiroshi Tsuda switching to an advisory task.

"I realise I need to pass the torch at some point, but business conditions have turned south so sharply and suddenly, and I didn't want to cause any waves," Suzuki commented on the move, pointing that the global economic crisis plays a very important role in his decision.

Suzuki reported slow sales on most emerging markets, including Japan (31.352 billion yen decline), Europe (394.714 billion yen decline), North America (164.037 billion yen decline) and Asia (416.303 billion yen loss). In addition, Suzuki's shares grew up a bit, to 1,230 yen, mostly as a result of the US government agreement to provide financial aid to carmakers.