Mazda to nominate former North American head as its next CEO

TOKYO: Mazda Motor Corp will appoint Masahiro Moo, director and senior executive officer, as its new president/CEO.

TOKYO: Mazda Motor Corp will name Masahiro Moro, a 40-year veteran of the company, as its new president. The Japanese automaker announced Friday that it was increasing its spending on electrification and considering investing in battery production.

Moro, 62 years old, is currently a director and senior executive officer. He was previously the head of North America operations for the automaker. The company stated that he will take over the reins once the shareholders and board approve him in June.

Mazda said that Akira Marumoto, the current President, and CEO, will be stepping down from his position. He assumed his position in 2018. Separately, the Nikkei newspaper reported that Marumoto would continue as an adviser.

The company, which is 5.1% owned by Toyota Motor Corp, announced a 1.5 trillion yen ($ 11.28 billion) spending plan in November to increase the electrification of cars.

Mazda also appointed Jeff Guyton (56), senior managing executive officer and current North American head of Mazda, to be a chief financial officer and assistant for the president, pending approval by the shareholders and board in June.

Hiroshima-based automaker Toyota has helped it strengthen its position in the U. S. marketplace. Toyota made Mazda CX-50 crossovers in a Huntsville, Alabama plant it built with its larger counterpart.

Mazda, which had 1.25 million global annual sales in the financial year ending March 2022, is now facing increasing competition from China and the U. S., as well as the fallout from the global shortage of chips.

Last month, the company forecasted that it would sell 6 percent fewer cars in the United States than in China and 48% less in China during the current financial year. These setbacks would be partially offset by higher vehicle sales in Japan.