Tokyo/New Delhi : Japanese small car major Suzuki Motor Corporation said its Chairman and CEO Osamu Suzuki will give up the CEO position while announcing pay cuts for its directors in the aftermath of the mileage testing controversy. The company said its Executive Vice-President Osamu Honda will also retire as it ‘deeply’ apologised for “the improper conduct in application of driving resistance, different from regulations by the Ministry of Land, Infrastructure, Transport and Tourism.
“The change of Representative Directors and reduction of compensation for the management is to clarify the responsibility of the management against the improper conduct in application of driving resistance, different from regulations by MLIT,” the company said in a statement.
Subsequently, Suzuki, who is the designated Chairman and CEO, will give up his CEO title.
Osamu Honda, a Representative Director and Executive Vice-President, Chief Technology Officer will retire on June 29 subject to approval of shareholders at 150th Ordinary General Meeting, SMC said.
Stating that the company will “promptly work on measures to prevent recurrence of such an incident in future”, SMC said: “We express once again our deep apologies to our customers, clients and all stakeholders for any inconveniences and concerns caused.”
Last month, SMC had admitted to discrepancies in emission and fuel efficiency testing process between the regulation by MLIT and the actual method carried out by it.
