Takata’s CEO Confirms Plan to Step Down

Shigehisa Takata, CEO of beleaguered airbag suppliers Takata Corp., confirmed earlier today he will resign as soon as the company finds a financial backer and installs a new management team.

He told shareholders on Tuesday he will remain as CEO until such a hand-off can be completed. Sources told Reuters in January he had agreed to step down, but not until the company’s future is secured. Shigehisa is the grandson of the company’s founder.

Carmakers are recalling some 100 million vehicles with Takata airbag inflators that could explode when activated in a crash. The devices have been linked to 13 fatalities and are suspected in at least two others.

Takata hired Lazard Freres Ltd. in May to help it identify a financial sponsor. The companies hope to find one by August.