At this point it’s abundantly clear how hard the recession has hit the motorcycle industry, so it doesn’t come with too much surprise that some management types are having to take the fall for the down-turn in profits. For Yamaha Motors President, Takashi Kajikawa, the only silver-lining to the situation is that this isn’t feudal Japan, and no one is offering him a sword to fall on. Unfortunately though, Kajikawa will still have to resign from his position as company President, as Yamaha Motors prepares for a $2 billion loss.
Taking Kajikawa’s place as President of Yamaha Motors is 63 year-old Tsuneji Togami, who is currently the company’s Chairman. Kajikawa will remain active with Yamaha, as he still holds a seat on the company’s Board of Directors.
While surely no one can blame Kajikawa for the economy, Yamaha had projected only a loss of $465 million, but in fact lost almost four times that amount.
Togami, was a Senior Managing Director before becoming Chairman in March 2007, his departure from his post will mean the role of chairman will be open until Yamaha can reorganize its Board structure.
Yamaha went on to announce that while it is faceing a slump in demand for its products, the company will try to turn its operations around through top management changes, a company officials explained. Translation: expect to see more “restructuring” in the coming months.
Source: PowerSports Business