Stefan Stocker, the Takata Corp. president who was brought in to inject more transparency and openness into the family-controlled auto supplier, is out after less than two years at the company.
That puts CEO Shigehisa Takada, the 48-year-old grandson of Takata's founder, solely in control of the response to an escalating safety crisis involving airbag defects, which have been linked to five deaths and have led to the recall of more than 24 million vehicles globally. Takada will reclaim the post of president and will take a 50 percent pay cut for four months in response to the safety crisis, Takata said in a statement.
Takata wouldn't say whether Stocker had resigned or was dismissed, and a spokesman declined to comment beyond the statement. Stocker will remain a board member.
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