Carmaker’s chairman stepping down

Suzuki Motor Corp’s chairman has announced he will retire in June, bringing an end to more than four decades of leading the company.

Osamu Suzuki says he made the decision to step down after the company, which his wife’s grandfather founded, marked its 100th anniversary last year and approved a new management plan.

The 91-year-old, pictured, is leaving his son Toshihiro Suzuki, already president and chief executive officer, in charge as the marque embarks on a shift to electric cars.

He adds he will “remain active” in the business and will be appointed as senior adviser upon retirement.

The company has also announced it will invest ¥1 trillion yen (NZ$12.7 billion), mostly on electrification technology, over five years.

Suzuki Motor aims to achieve sales of ¥4.8tn in fiscal 2025, up from ¥3.49tn in 2019, and expand its range of electric vehicles (EVs).

The younger Suzuki says: “Carbon neutral is the focus now. Suzuki must not fall behind this global trend.”

Osamu Suzuki joined Suzuki Motor in 1958 and helped make it into a global player with an overwhelming dominance in the Indian car market.

He became president in 1978 and doubled as chairman in 2000. Under his leadership, the company saw its consolidated sales expand sixfold from about ¥500b in fiscal 1980 to ¥3tn in 2006.

In 2016, he stepped down as CEO over the carmaker’s use of incorrect testing methods to calculate vehicle mileage.