Takata President Stefan Stocker Steps Down Amidst Faulty Air-bags Issue

(RTTNews) - Troubled Japanese auto parts supplier Takata Corp. (TKTDF.PK), Wednesday said its President and Chief Operating Officer Stefan Stocker will step down.

Chairman and Chief Executive Officer Shigehisa Takada will take over Stocker's responsibilities amidst the ongoing crisis with global recall of its faulty air bags. Stocker will remain with the company as a board member.

Swiss national Stocker had joined Takata 18 months ago from Robert Bosch GmbH and presided over the company during a period in which its airbags were linked to the deaths of five people.

Takata's faulty air bags are prone to explode with excessive force and spew metal shrapnels at passengers. The National Highway Traffic Safety Administration has demanded a nationwide recall of those faulty airbags. More than 24 million cars have been recalled worldwide since 2008 over the faulty air bag issue.

Takada, the grandson of the company founder, will also take a 50 percent pay cut for four months. Stocker and three other senior staff will also take a pay cut for four months.