Honda Motor Co. Ltd. says CEO Hiroyuki Yoshino will step down after five years at the top of the Japanese auto maker.
His replacement will be Takeo Fukui, a 58-year-old senior managing director at Honda and former head of U.S. manufacturing, say reports.
Industry observers had been expecting Yoshino, 63, to step down. Honda says the Fukui promotion is pending approval from shareholders at a June meeting. Yoshino will stay with Honda as a director and advisor.
Yoshino is credited with leading Honda into the North American minivan and SUV markets and expanding U.S. sales. This year, Honda expects sales of 1.35 million units in the U.S., up from 1 million in 1998.
Fukui's biggest claim to fame was helming the launch of Honda's successful Fit subcompact in Japan. His goals are to continue Honda's push into the rapidly expanding Chinese market.
