OSAKA, Japan (Sept. 29, 2015) — Toyo Tire & Rubber Co. Ltd. has nominated industry outsider Katsumi Komaguchi to be the company's chairman and director, succeeding Akira Nobuki, who resigned July 1 in the wake of a scandal involving non-compliant earthquake-proof seismic isolation rubber bearings sold in Japan.
Toyo also promoted Takashi Shimizu, currently a director with multiple tire business unit responsibilities, to be president and representative director, succeeding Takuji Yamamoto.
Messrs. Nobuki and Yamamoto had been in their respective postions only since October 2014.
The new appointments are subject to approval by shareholders at an extraordinary shareholders meeting scheduled for Nov. 12, Toyo said.
Mr. Komaguchi, 64, most recently was a representative director and deputy chairman for Kyocera Document Solutions Inc., positions he resigned Sept. 19 after 29 years with Kyocera Corp. He will join Toyo in mid-October as an adviser and following approval will become the chairman of the board.
Toyo's board of directors described Mr. Komaguchi as an individual “recognized for having successfully restructured a manufacturing company, and will draw on his unique management philosophy to bring about change of the corporate culture. He will support the next president in order to direct a rebirth of the company.”