After 40 Years Of Managing Suzuki Motors, 91 Year Old Chairman Steps Down

Suzuki Motor Corporation said on Wednesday that its chairman, Osamu Suzuki, will retire from his role in June this year.

The transition would allow the Japanese automobile company to explore the production of electric cars and compete with the likes of Tesla Inc.

The company also disclosed in a statement its plans to invest one trillion yen ($9.4bn) on electrification technology, in the next five years.

Suzuki’s will be replaced by his son, Toshihiro Suzuki, who is the president and Chief Executive Officer.

The 91- year old Suzuki has served as the Japanese company’s Chief Executive Officer for 22 years and then as chairman for another 20 years.

The decision was following a shareholders resolution, but the chairman will be appointed as senior adviser upon retirement.

“I am satisfied with the mid-term plan as well as management’s ability to see it out and I’ll continue to be easily accessible for advice going forward,” said Suzuki.

Suzuki 91, also believes that the decision would “up the speed of the company,” in terms of competition with rivals like Honda Motors

Honda, one of Japan’s largest automobile company had last week made management changes by appointing a new CEO, Toshihiro Mibe, to oversee its operations.

Toshihiro Suzuki said on Suzuki’s shareholders’ decision that, “Carbon neutral is the focus now. Suzuki must not fall behind this global trend.”