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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Economy

Economy

Mazda to name former North America head Moro as CEO

Photo Credit: MARK RALSTON Photo Credit: MARK RALSTON
Photo Credit: MARK RALSTON Photo Credit: MARK RALSTON

On Friday, Mazda Motor Corp (7261.T) said that 40-year business veteran Masahiro Moro would become its next president and CEO as it increases expenditure to electrify its vehicles and contemplates investing in battery production.

Director and senior managing executive officer Moro, 62, led the automaker’s North American business. The corporation said it would formally take over in June if shareholders and the board approved.

Mazda said current President and CEO Akira Marumoto, who took over in 2018, will resign after that. However, Nikkei reported independently on Friday that Marumoto will remain an adviser.

In November, the 5.1%-owned corporation announced a 1.5 trillion yen ($11.28 billion) expenditure plan to electrify automobiles.

At Hiroshima, Mazda’s homeland, Moro said, “Our company in the United States is presently expanding extremely swiftly.”

Moro said he anticipated Mazda’s 360 dealer outlets would upgrade and sell 1,000 vehicles a year to grow its U.S. business. But, he remarked, “If that can be done, next would be to go to 1,200 units.”

Mazda also proposed Jeff Guyton, 56, senior managing executive officer and North America head, as the president’s chief financial officer and assistant.

With Toyota’s aid, the business has erected a facility in Huntsville, Alabama, to make Mazda CX-50 crossovers.

Mazda, which sold 1.25 million vehicles worldwide in the financial year to the end of March 2022, faces competition from the U.S. and China and the global semiconductors shortage.

Last month, the business predicted to sell 6% fewer cars in the U.S. and 48% less in China in the current financial year, offset by stronger sales in Japan.


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