Stefan Stocker will quit from his post as president of Takata Corp. as the supplier still faces a global crisis for its faulty airbags. Stocker joined Takata in February last year from Robert Bosch, taking the seat as president from Shigehisa Takada, who is still the company’s chief executive and chairman.
With Stocker’s departure, Takada will be taking on three roles – president, CEO and chairman – that make him the sole top man to consolidate Takata’s response to the recall crisis. Edwin Merner, president of Atlantis Investment Research in Tokyo, wasn’t so receptive of the move, saying that putting “all the management back to the family sounds so negative.”
He added that Takata has done “everything wrong,” has zero corporate governance, and is one of the worst examples of poor management. He remarked that as long as Takata doesn’t have a new management, it won’t survive. The company tapped Stocker’s services to increase its oversight of its global operations.
Takada is the grandson of the company’s founder, whose family still owns a majority of the Japanese supplier. Takata has been under fire from safety regulators, lawmakers and people seeking damages through class action lawsuits, no thanks to its handling of the current airbag crisis.
Takata has announced that Takada will take a 50-percent compensation cut for four months in response to the safety crisis. Stocker and three other senior staff will also see their pay trimmed for four months.