Suzuki has announced a management reshuffle and top-level pay cuts following its fuel economy testing scandal.
In a statement, the automaker said CEO Osamu Suzuki would resign from the post at the annual general meeting on 29 June but would remain chairman. Executive vice president Osamu Honda would “retire”.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Representative directors and directors had waived their 2015 fiscal year bonuses and they will be halved for senior managing officers and managing officers.
Monthly pay willl be reduced by 10%-40%, according to seniority, for three to six months.
Suzuki, in mid-May, admitted to ‘discrepancies’ in fuel economy testing of some models but denied cheating.
“I apologise once again for the trouble we caused,” Osamu Suzuki said at a press conference in Japan on Wednesday (8 June), according to the Wall Street Journal.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe report noted the automaker last week said it had used a testing method not approved by Japanese regulators on 26 models after saying previously 16 models were affected. It maintained that it had no intention of inflating fuel economy data and also had said results from tests using an approved method showed no significant difference in fuel economy.
Suzuki also said it submitted Wednesday details on measures to prevent the recurrence of the problem to the transport ministry.
About 2.14m vehicles sold in Japan were affected.
