Dec 24, 2014 5:17 AM
Airbag maker Takata revamps management
The Associated Press
TOKYO (AP) Takata Corp., the Japanese maker of airbags at the center of massive recalls in the U.S. and elsewhere, says its president Stefan Stocker is moving aside to give way to the chairman to take over.
Takata says in a statement that chairman Shigehisa Takada will take on the additional role of president of the company. Company spokeswoman Akiko Watanabe says Stocker will remain a board member in a move that is not intended to be a demotion.
Takada, Stocker and two other top executives of the company will take pay cuts ranging from 20 percent to 50 percent.
The defective airbags can explode with too much force, spewing shrapnel at drivers and passengers. At least 10 automakers have models with Takata driver and passenger airbags.