Takata President Steps Down Amid Airbag Crisis; Cuts Executives Pay

(RTTNews) - Japanese auto supplier Takata Corp. (TKTDF.PK) said Wednesday its president, Stefan Stocker, was stepping down from the company, amid widespread criticism of how the company handled recent safety crises. However, Stocker will continue as a board member.

Stocker presided over the firm during a period in which Takata airbags were linked to the deaths of five people.

Takata said that Stocker was stepping down in order to speed up the decision making process within the company. His role will be taken over by the current chairman, Shigehisa Takada.

The company noted that Shigehisa Takada will also take a 50 percent pay cut and Stocker will take a 30 percent reduction, both for four months.

As part of the reorganization, three other directors will also take a 20 percent pay cut.