Takata chief to step down

The embattled boss of Takata has confirmed he is to step down. Chief Shigehisa Takada is to resign after a “new management regime” is found, with his position untenable due to a multi-billion dollar, global airbag recall. Takada became president in 2007. Following the death of his father, Juichiro, in 2011, he has been at the helm of the company. Takata share prices actually surged 10 per cent following the announcement, but have since fallen back to a two per cent increase. There have long been calls for change since the airbag scandal broke, as the company seeks a financial backer to help carry ballooning costs and survive. Takada said: “I am not clinging to this. My role is to make sure the company does not take a bad turn until there is a passing of the baton.” With 15 deaths being reportedly associated with faulty Takata airbag inflators, the firm recently posted its third annual loss in four years and its total bill could hit US$10 billion.