Isuzu Motors Ltd. said Tuesday it will appoint Yoshinori Ida, 57, as its new president and chief operating officer, effective Thursday.
Ida, who is currently managing director in charge of domestic sales, will replace Takeshi Inoh, 61, who will become vice chairman in charge of customer satisfaction.
"I know the environment surrounding the company is harsh, and I feel very responsible about my role as the new president," Ida told a news conference.
Inoh had been in charge of streamlining Isuzu's business since he took office in June 1998, including the reduction of the truck maker's distribution companies.
"I prepared the road that the company should take during my two years in office, and I believe it is time that the company should run toward that direction at a faster pace," he said.
Isuzu, which is owned 49 percent by U.S. auto giant General Motors Corp., posted net losses of 22.13 billion yen in the first half of fiscal 2000, due to sluggish overseas business and stiffened competition in the domestic market.
Suzuki share details
Suzuki Motor Corp. said Tuesday it has decided to issue 51,561,000 new shares, worth 58.109 billion yen, to the Canadian unit of U.S. carmaker General Motors Corp.
After the new share allocation to General Motors of Canada Ltd., GM's stake in Suzuki will rise to 20.1 percent from the current 10 percent, the Japanese automaker said.
Payment for the new shares is due Jan. 17, 2001.
In September, GM said that it will double its stake in Suzuki to strengthen cooperation between the two firms in Asia's compact car market.
Nissan to recall cars
Nissan Motor Co. told the Transport Ministry on Tuesday that it is recalling 12,712 units of four passenger cars due to a defect in their antilock braking systems.
Subject to the recall are Presage, Skyline, Stagea and Cima cars.