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Takata says president stepping down to streamline air bag recall response

Wednesday, December 24, 2014 - 17:42

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Takata Corp, the air bag maker embroiled in millions of recalls worldwide, said its president Stefan Stocker would step down and its chairman would assume the role to unify the company's response to the crisis.

[TOKYO] Takata Corp, the air bag maker embroiled in millions of recalls worldwide, said its president Stefan Stocker would step down and its chairman would assume the role to unify the company's response to the crisis.

Mr Stocker, who joined Takata last year, will remain with the company as a board member.

Shigehisa Takada, the grandson of the company founder, will become president. The company also said that Mr Takada will take a 50 per cent pay cut for four months. Mr Stocker and three other executives will also take a pay cut, the company said.

More than 24 million cars have been recalled worldwide over Takata's air bags, which can erupt with too much force and spray metal shards into cars.

REUTERS

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