Photo: Catalin Garmacea
About a month ago, Suzuki organized a conference where it came clean about discrepancies in fuel economy ratings. As a result of this bit of cheating, the chairman and chief exec of Suzuki decided that it would be best to step down from his role as CEO.
The current patriarch of Suzuki Motor Corp. is Osamu Suzuki. The 86-year-old industrialist is married to Shoko Suzuki, the granddaughter of Michio Suzuki, also known as the founding father of the fourth automaker in Japan by sales.
According to a release published today, the board of directors of Suzuki Motor Corp. resolved that stepping down from his role as chief executive office is the right thing for Osamu to do. He is not leaving the company, though. Osamu will soldier on as chairman of the Japanese corporation. Another higher-up who’ll be stepping down by June 29 is Osamu Honda, the executive vice president.
The board of directors went even further than that, though. Suzuki Motor Corp. directors will fully waive their bonuses for 2015, while senior managing officers and managing officers will have their bonuses reduced by 50 percent. Head honcho Osamu Suzuki and corporation president Toshihiro Suzuki will see a 40 and 30 percent reduction of their monthly compensations for six months.
“The change of Representative Directors and reduction of compensation for management is to clarify the responsibility of the management against the improper conduct in application of driving resistance, different from regulations by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT),” reads a statement from the board of directors. The corporation as yet to decide who will step up to fill the vacant positions.
Osamu Suzuki joined the company in 1958. He became chief executive officer of Suzuki in 1978. Osamu is the architect that made Suzuki what it is today, an automaker specialized in low-priced cars. One of the highlight points of Osamu Suzuki is the partnership with the Government of India, thus creating Maruti Suzuki. The joint venture currently has a market share of 47 percent of the Indian passenger car market.
According to a release published today, the board of directors of Suzuki Motor Corp. resolved that stepping down from his role as chief executive office is the right thing for Osamu to do. He is not leaving the company, though. Osamu will soldier on as chairman of the Japanese corporation. Another higher-up who’ll be stepping down by June 29 is Osamu Honda, the executive vice president.
The board of directors went even further than that, though. Suzuki Motor Corp. directors will fully waive their bonuses for 2015, while senior managing officers and managing officers will have their bonuses reduced by 50 percent. Head honcho Osamu Suzuki and corporation president Toshihiro Suzuki will see a 40 and 30 percent reduction of their monthly compensations for six months.
“The change of Representative Directors and reduction of compensation for management is to clarify the responsibility of the management against the improper conduct in application of driving resistance, different from regulations by the Ministry of Land, Infrastructure, Transport and Tourism (MLIT),” reads a statement from the board of directors. The corporation as yet to decide who will step up to fill the vacant positions.
Osamu Suzuki joined the company in 1958. He became chief executive officer of Suzuki in 1978. Osamu is the architect that made Suzuki what it is today, an automaker specialized in low-priced cars. One of the highlight points of Osamu Suzuki is the partnership with the Government of India, thus creating Maruti Suzuki. The joint venture currently has a market share of 47 percent of the Indian passenger car market.
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