Despite Slowdown, Honda Names Their New President

Recently in Tokyo, the Honda Motor Corporation had named a new president in Takanobu Ito. Takanobu Ito has a lot of experience in the United States automobile industry and is also an expert in the automotive development sector. Last Monday, he was proclaimed the new president as well as chief executive officer. Insiders say that this was Honda’s effort to create a turnaround in their company to promote change under a younger and fresh leadership. The fifty five year old Takanobu Ito also worked as the managing director who oversees the auto operations. He had replaced Takeo Fukui, who is the second best automaker in Japan, according to one statement.

Moving Against the Slump

Such a move from Honda as well as all Japanese automakers is due to the fact that most of them are grappling with this slump that is happening in the global demand of all cars. Through the appointment of Ito, the company Honda is appearing to send out its message to say that it is very determined to turn around a newer leaf and then press on with their planned technological innovations. These technological innovations have always been their lifelong strength and will thus let them aim for their turnaround they hope for. This move is also part of their reshuffling program across the board. It also follows a similar change coming from the bigger rival company by the name of Toyota Motor Corp. Toyota Motor Corp. had recently named their new leader, Akio Toyoda. Incidentally, he is a member of their company’s founding family and his appointment is a move to replace erstwhile president Katsuaki Watanabe.

Approval Still Needed

This big change in Honda, which is the company that makes the ever-popular Accord sedan and Insight hybrid, is still in need of the approval of its shareholders sometime in a meeting this June. Both Fukui and Ito are given their schedules to a news conference sometime later at the Tokyo headquarters of Honda. There were also some speculations regarding the sixty-four year old Fukui who had been serving as president of the company for six years – however, timing still remains to be uncertain. It has also been said that Fukui will act as an adviser and still be part of the board. Takanobu Ito has already been appointed as the head of the R&D unit of Honda sometime in April; however he will now oversee the whole company. Honda has been said to pretty much fare a lot better than the company Toyota, which is currently the biggest automaker in the entire world and has pretty much rode out the downturn because unlike Honda, they had made large trucks and have the tendency to be quite nimble.