DHAKA: Osamu Suzuki, the longest-serving leader of any major global automaker, will cede his title as president of Suzuki Motor Corp to his son, Toshihiro Suzuki.

Toshihiro Suzuki, 56, will become president while Osamu Suzuki, 85, will stay on as chairman and CEO, the company said in a statement Tuesday, reports The Straits Times.

The announcement eases uncertainty about management succession at Suzuki, where Osamu Suzuki has served as either chairman, president or CEO since 1978.

The carmaker rose as much as 5.5 per cent in Tokyo trading, the most since May 12, and closed at 4,135 yen.

‘Toshihiro’s promotion has cleared clouds hanging over Suzuki,’ said Satoru Takada, an analyst at TIW Inc. ‘Power succession has been an issue for Suzuki for years. They had to give their answer sometime soon’.

BDST: 1830 HRS, JUN 30, 2015
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