Once again the economy has struck at the top executive level in an automobile manufacturing company. The Associated Press had an article today which discusses the appointment of Takanobu Ito, to be the head of "core automaking operations" at Honda Motor Co. I'm not sure what this means, but it sounds important.
Mr. Ito replaces Takeo Fukui, 64, who will remain on the board as adviser. This sounds like one of the Japanese jobs, where you have a desk, can look out the window, but you have no real function in the company any longer. I believe once you step down, your next job is to save you and the company face.
Mr. Ito joined Honda in 1978 as an engineer, and has moved up in the company holding various positions such as as executive vice president at Honda R&D Americas Inc. This gives him important experience in the American marketplace. Honda is a world wide company with the American marketplace as one of the key elements to its success or failure.
It's hard to tell when an executive is doing a good or bad job at a particular company at a particular time, when the entire world's economy goes south. However, if Mr. Ito's company does not turn around in the near future, he may be looking out of window also.
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Monday, February 23, 2009
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