Yamaha president resigns after $2 billion loss
After a dramatic tumble in Yamaha’s revised earnings projections for the year ending in December, Yamaha Motor President Takashi Kajikawa left his position Nov. 1, though he will still be on Yamaha’s board of directors, according to a company press release.
Yamaha’s revised earnings projections estimated a consolidated net loss of approximately $2 billion, compared to the previous forecast of nearly $465 million.
Yamaha Motor’s Chairman Tsuneji Togami is now president. Togami, 63, was senior managing director before becoming chairman in March 2007. The post of chairman will be vacated after the reshuffle.
Faced with slumping demand for its products amid the economic downturn, the company will try to turn its operations around through the top management change, company officials said.
