Toyo shareholders confirm new execs

OSAKA, Japan (Nov. 12, 2015) — Toyo Tire & Rubber Co. Ltd. shareholders have approved the hiring of industry outsider Katsumi Komaguchi as chairman.

He fills a position vacated July 1 by Akira Nobuki, who resigned in the wake of a scandal involving non-compliant earthquake-proof seismic isolation rubber bearings sold in Japan.

Shareholders also approved the promotion of Takashi Shimizu, previously a director with multiple tire business unit responsibilities, to president and group executive officer, tire business. He succeeds as president Takuji Yamamoto — who was reassigned as a special adviser and assistant to general manager, seismic isolation rubber division.

The new appointments were approved at an extraordinary shareholders' meeting held Nov. 12 in Osaka.

Mr. Komaguchi, 64, joins Toyo from Kyocera Document Solutions Inc., where he was a representative director and deputy chairman. He has been advising Toyo since mid-October.

Toyo disclosed the nominations of Messrs. Komaguchi and Shimizu in September.

Mr. Shimzu also is a representative director of Toyo and has three other titles: chief risk management officer; chief compliance management officer; and general manager, seismic isolation rubber division.

Other executive changes announced at the meeting were:

• Kiochi Ono to general manager, tire planning division, and general manager, North American business unit. He continues as a senior corporate officer in charge of tire R&D division. He will be based at Toyo's Tire Business Group headquarters. He's also a company director.
• Tetsuo Tatara to senior corporate officer and general manager, central research center, overseeing both tire and DiverTech divisions' production. He's also a company director and currently corporate officer for production engineering.
• Masayuki Kanai to deputy general manager, tire R&D division; he previously was general manager, tire planning and administration; and
• Noriyuki Isobe to deputy general manager, quality assurance division; previously he was general manager, tire quality assurance department.

Additionally Masaji Ishino and Ken Morita were named company directors.