(Recasts with announcement)
By Chang-Ran Kim
TOKYO, Aug 27 (Reuters) - Japan's Mazda Motor Corp , one-third owned by Ford Motor Co , said on Wednesday Lewis Booth has stepped down as president and chief executive and been replaced by Hisakazu Imaki, a veteran who has been with the company for 38 years.
Japan's fifth-largest auto maker said the change was effective immediately and Booth would become president and chief operating officer (COO) at Ford Europe.
"I couldn't possibly leave Mazda in better hands... I know Imaki has the full support of the entire Mazda team," Booth said in a statement.
Booth, 54, who became president in June last year, had said he wanted to nominate a Japanese executive to replace him when he left.
Imaki, 60, who joined Mazda in 1965, has had vast experience in the areas of manufacturing, production engineering and logistics. He has been executive vice president since March last year, and is the first Japanese president of Mazda since 1996.
John Parker, formerly president of Ford's operations in members of the Association of Southeast Asian Nations (ASEAN), is appointed executive vice president.
In 1996, Ford raised its equity stake in the Mazda to one-third and sent Henry Wallace, a Briton, to take charge, making him the first outsider to run a major Japanese company.
UBS Securities analyst Takaki Nakanishi said earlier that Booth had been expected to stay at the post for at least two years, and a change in president would be a surprise.
"If the change involved Booth, it would be negative news for the company because it would signal a loss in consistency in its corporate strategy," he said.
But Nakanishi also said Imaki would be committed to staying in the post longer, so the automaker could be run better with tighter teamwork and a consistent business strategy.
The announcement came just before the close of morning trade on the Tokyo Stock Exchange.
Mazda's shares ended the morning trade down 0.65 percent at 306 yen, compared with a 0.36 percent rise in the key Nikkei average .