Osamu Suzuki, The Chairman Of Suzuki Motor Corp Plans To Retire In June After 40 Years Leading The Firm
Suzuki Motor Corp Chairman Osamu Suzuki announced the news of his retirement recently. The 91-year-old businessman has decided to hand over the power of the Japanese automaker to his son Toshihiro Suzuki. He will be stepping down from his position in June.
Right now when the global is car industry is dominated by the biggest tech giants like Apple, Tesla, and Google, Suzuki’s retirement is bound to make a big impact.
Suzuki is one of the longest-serving heads of an automotive company.
As per RC Bhargava, the chairman of the company’s Indian branch Maruti Suzuki, his retirement will cause a ‘huge void’ in the market.
Suzuki will continue his duty as an adviser to Suzuki Motor Corporation and he will be on the board of Maruti Suzuki.
Under his reign, the company has produced popular cars such as Wagon R and Alto. The company has also become the number 4 automaker giant in Japan.
The 91-year-old has been managing the huge company for more than four decades.
After marrying into the founding family of the automaker, Suzuki entered the field in 1958. After that, he obtained his wife’s surname. His wife was the daughter of Shuno Suzuki, who was the president of the organization then.
In his reign, the carmaker company has experienced a growth in sales of nearly ¥500 billion in 1980 to ¥3 trillion in 2006.
Suzuki has announced that the company is promoting a ‘midterm business plan’. In this plan, the company hopes to reach ¥4.8 trillion sales in fiscal 2025. The current sale is ¥3.49 trillion in fiscal 2019. It also plans to bring electric vehicles from 2025.
Suzuki was the brain behind the capital alliance with Toyota Motor Corp in 2019. Through the deal, the companies teamed up to co-develop self-driving cars. The automotive industry is currently is faced with great competition during the one-of-a-kind transformation to CASE, which is connected, autonomous, shared, and electric mobility technologies.
Suzuki is also responsible for the team-up between the company and the then Indian state-run carmaker Maruti Udyog Ltd. Their joint venture Maruti 800, which is the redesigned version of the original Suzuki Alto was released in India in December 1983.
He was the president of the company till 2015 at the age of 85. He handed over the position to his son Toshihiro Suzuki and held the position of chairman of the company.
Suzuki Motors also teamed up with Volkswagen AG in 2009 in a capital tie-up. The partnership between the two companies came to an end in 2015 as there was a severe conflict about the control of the management.
The company has also declared its next 5-year planning statement. In this planning, the company will be continuing its retention of half of the market in India.
I am Darryl Broadhurst and i give investors an insight into the most recent news hitting the “Technology” sector in Wall Street. I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicizes valuable information for shareholder community.
