Osaka, Japan – Toyo Tire & Rubber Co. Ltd. shareholders have approved the hiring of industry outsider Katsumi Komaguchi as chairman.
He fills a position vacated 1 July by Akira Nobuki, who resigned in the wake of a scandal involving non-compliant earthquake-proof seismic isolation rubber bearings sold in Japan.
Shareholders also approved the promotion of Takashi Shimizu, previously a director with multiple tire business unit responsibilities, to president and group executive officer, tire business. He succeeds as president Takuji Yamamoto – who was reassigned as a special adviser and assistant to general manager, seismic isolation rubber division.
The new appointments were approved at an extraordinary shareholders’ meeting held 12 Nov in Osaka.