Takata chief executive to resign as financial pressure mounts

Tokyo

THE chief executive of Takata said he would step down, as the embattled car parts supplier looks to attract much-needed financial support to deal with the fallout from the largest automotive safety recall in history.

The decision by CEO Shigehisa Takada, reflects the financial pressure on Takata, which lost nearly US$130 million last year. The company is in danger of buckling under the cost of the recall without a lifeline.