TOKYO (Reuters) -- Japan's Takata Corp., reeling from its role in a global airbag recall, said today it will replace its president with Swiss national Stefan Stocker, the first foreigner in the post.
Stocker, a corporate officer who was president of auto parts maker Bosch's Japanese operations from 2002 to 2009, will take over from founding family member Shigehisa Takada, who takes the newly created position of chairman and CEO.
The leadership change comes as major Japanese and German carmakers, including Toyota Motor Corp., Honda Motor Co. and BMW AG, recall some 3.6 million vehicles worldwide due to flawed airbags supplied by Takata, the world's second biggest seatbelt and airbag maker.
Stoker, who became Takata's corporate officer in February, will assume the posts of president and COO on June 26 after the annual general shareholders' meeting and a board meeting.
"He has been working with us in the capacity of an advisor for more than a year... The recall has nothing to do with this change," said Takata's Chief Financial Officer Yoichiro Nomura.
Takata said today it posted a net loss of 21.1 billion yen ($212.5 million) -- its biggest ever -- for the financial year that ended in March, against a 11.9 billion yen net profit in the previous year.
It booked an extraordinary loss of 30 billion yen ($295 million) due to recall-related costs.
