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Honda CEO Ousted Amidst Airbag Woes

New chief executive Hachigo facing serious challenges.

by on Feb.23, 2015

Honda CEO Takanobu Ito shakes hands withe successor, Takahiro Hachigo in Tokyo on Monday.

Honda’s ongoing airbag problem has claimed another victim. In this case, it’s President and CEO Takanobu Ito, who will step aside in April, at the end of the automaker’s fiscal year.

Honda has been forced to recall millions of vehicles around the world due to problems with faulty airbags supplied by close ally, the Japanese partsmaker Takata. But Honda has run into a number of other issues and earlier this month scaled back its earnings forecast for the rest of the year.

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Ito will be replaced by Takahiro Hachigo, currently Honda’s managing officer. During a 33-year career, Hachigo helped guide the maker’s business ventures in China, Europe and the U.S. Among other things, he led the development of the popular Honda Odyssey minivan built in one of the maker’s many American assembly plants.

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First Look: Honda EV-Ster

Japanese maker provides tantalizing hint of what it may have coming.

by on Nov.30, 2011

Honda's electric sports car concept, the EV-Ster.

It’s just a concept.  It’s just a concept. That, at least, is what Honda is officially calling the EV-Ster, the show car making its debut at this year’s Tokyo Motor Show.  But you certainly should anticipate seeing some of the basic technology under its sexy hood reaching market in the not very distant future, company officials broadly hint.

The Honda news conference in Tokyo disappointed some who had been hoping to see a long-anticipated revival of the maker’s extreme NSX sports car.  That will likely have to wait until the upcoming Detroit Auto Show.

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If anything, the EV-Ster is a bit closer to the old Honda S2000, a more modest and affordable sports car that would pick up on the Honda brand’s historical emphasis on performance.

The goal was to create a look that expresses speediness at the same time as sustainable mobility,” said Honda design exec Ichiro Tobisawa.

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Honda Plans Changes to Top Management, and Expects Quarterly Loss

Takeo Fukui will be an advisor, as Takanobu Ito succeeds him as President & Chief Executive Officer.

by on Feb.23, 2009

Ito, left, takes over from Fukai this June.

Ito, left, takes over from Fukui this June.

Takeo Fukui, Honda Motor’s President & Chief Operating Officer, will be replaced this summer by Takanobu Ito, a 30-year Honda veteran, it was announced earlier today in Tokyo. Ito, currently Senior Managing Director, will become the seventh CEO of Honda Motor in late June 2009, pending final approval of the board of directors.

The latest results from Japan’s second largest auto maker saw net sales drop globally 16% to 2.533 billion Yen ($1=97 Yen at current exchange rates), and operating income dive 63% to 174 billion Yen in its 3rd quarter of fiscal year 2009 ending last December 31st. Net income compared with same quarter in 2008 declined by an order of magnitude from 200 billion Yen to a mere 20 billion.

Last month Honda reduced its forecast to a full-year profit of 80 billion Yen, and said it would dismiss 4300 temporary workers in Japan. Honda expects to report a loss for the current quarter. And more cutbacks are coming in the U.S. as well.

Still, the company is doing better than its two major Japan-based rivals, Toyota and Nissan. Toyota stock lost half of its value in 2008. And Both Toyota and Nissan have announced they expect to lose money in FY 2009.

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