Joyson Safety Systems names Guido Durrer as CEO

DETROIT -- Joyson Safety Systems, the Chinese-owned supplier that acquired the former Takata safety products business, on Friday said it appointed Guido Durrer as CEO.Durrer replaces Jason Luo, who left the company in August, effective immediately. Yuxin Tang, a board member for Joyson Safety, was interim president until Durrer's hiring.Durrer joins Joyson Safety from Germany's ThyssenKrupp-Presta, where he was chairman and CEO. He also continues as executive director on Joyson Safety's board.Joyson Safety is the result of Key Safety's $1.6 billion acquisition of scandal-plagued Takata Corp., which was financed by Key Safety's Chinese parent company Ningbo Joyson Electronics Corp., private equity firm PAG and Chinese state-owned Future Industry Investment Fund. Key Safety changed its name to Joyson Safety in April and moved its headquarters to Auburn Hills from Sterling Heights.Durrer will run the combined auto safety system supplier with more than 50,000 employees in 23 countries and more than $7 billion in revenue.Key Safety won a stalking horse bid to acquire Takata out of bankruptcy in November.Takata's malfunctioning airbag inflators, which have sent shards of metal into drivers and passengers, are linked to at least 22 deaths and hundreds of injuries globally.With pressure mounting, 84-year-old Takata filed for bankruptcy protection in Japan and its U.S. subsidiary, TK Holdings Inc., of Auburn Hills, filed for Chapter 11 protection in Delaware in June 2017 in a prepackaged agreement to sell to Key Safety, which beat out nearly a half dozen competitors."Guido brings significant global leadership and industry expertise to Joyson Safety Systems following the company's recent formation through the combination of Key Safety Systems and substantially all of the global assets of Takata Corporation," Jeff Wang, Joyson Safety's chairman, said in a news release.

Joyson Safety Systems names Guido Durrer as CEO

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