Suzuki’s New President Will Be CEO’s Son

Suzuki Motor Corp. Chairman, CEO and President Osamu Suzuki has turned over the title of president and chief operating officer to his son Toshihiro, 56.

Osamu will continue as chairman and CEO. He has served in those posts or as president since 1978, making him the auto industry's longest-running top executive.

The company also has given additional responsibilities to two executive vice presidents. Yasuhito Harayama is now Suzuki's vice chairman and "supporting CEO," and Osamu Honda is chief technology officer. Analysts say the appointments ease concerns about the company's management succession plan.

Separately, Suzuki Motor has unveiled a five-year business plan that will focus growth efforts on Japan, India and Asia. The company plans to introduce 20 new models worldwide by 2020. Its global production base will remain in Hungary, India, Indonesia, Japan and Thailand.

Suzuki aims by fiscal 2019 to boost consolidated net sales 23% to 3.7 trillion yen. By then the company expects to achieve annual sales volumes of 3.4 million cars, up 18% from fiscal 2014, and 2 million motorcycles, up 14%.