Suzuki Motor Corp. announced Wednesday that its iconic Chairman and CEO Osamu Suzuki will step down from the post of chief executive officer after the annual shareholders' meeting later this month.

Suzuki will step down as CEO to take responsibility for the firm's ongoing fuel data scandal, but he will continue to serve in the role of chairman.

The embattled automaker also said Vice President Osamu Honda, who oversees the technology division, will leave his post over the scandal.