Takata Corp will have a foreigner as its president for the first time ever after having been embroiled in an immense airbag recall. Swiss national Stefan Stocker will replace founding family member Shigehisa Takada, who will serve as the chairman and chief executive officer. Stocker is a corporate officer who has served as the president of Bosch's operations in Japan from 2002 to 2009. The change in Takata’s leadership takes place as major Japanese and German carmakers (which include Toyota Motor Corp, Honda Motor Co and BMW) have recalled about 3.6 million units around the globe because of defective airbags that Takata has supplied.
Takata is the No. 2 largest manufacturer of seatbelts and airbags. Stoker, who was named as the corporate officer of Takata in February, will take on the posts of president and chief operating officer on June 26 after the annual general shareholders' meeting and a board meeting. Takata's Chief Financial Officer Yoichiro Nomura denies that the recall had anything to do with the change in leadership. Nomura said that Stocker has been working with the company as an advisor for over a year. Last Friday, Takata reported a net loss of 21.1 billion yen ($212.5 million), its largest ever loss, for the financial year that ended in March compared to its net profit of 11.9 billion yen during the prior year. It had posted a loss of 30 billion yen because of costs related to the recall.