CYPRESS, Calif. (March 11, 2010)—Toyo Tire Holdings of Americas Inc. President Masaharu Yoshimoto is retiring after 38 years with Toyo Tire & Rubber Co. Ltd. and will be succeeded by Takashi Shimizu, senior vice president and chief financial officer of the Cypress-based company.
Yoshimoto, president of Toyo Tire Holdings since January 2009, will retire March 31. Prior to that he was president and CEO of Toyo Tire U.S.A. Corp. and a senior corporate officer of parent Toyo Tire & Rubber. He also was managing director and CEO of Toyo Tyre & Rubber Australia Ltd. before moving to the U.S. in 2005.
“The tire industry continues to undergo change as we deal with today's economic uncertainties,” Yoshimoto said in a prepared statement. “Through this challenging period, what remains unchanged is our commitment to our loyal dealers and customer base. I would like to express my appreciation to them for their support and cooperation over the years, and to ask that they extend the same to Takashi Shimizu.”
Shimizu is a 25-year Toyo Tire veteran, joining the Osaka, Japan-based company in the accounting and finance and planning departments. He first moved to the U.S. in April 2007 as vice president and CFO of Toyo Tire U.S.A. He was involved in the establishment of Toyo Tire Holdings and has served as senior vice president and CFO since its inception in January 2008.
He also served six years as general manager of accounting and finance for Toyo Tires in Germany in the mid-1990s.
“My vision for the future is to increase the value of our six subsidiary companies, including Mexico and Canada,” Mr. Shimizu said.
“This will be accomplished through strengthening structures for corporate governance, by enhancing managerial systems, and the completion of the approximately $300 million expansion of our manufacturing facility in Georgia. We will continue to enhance our positioning of both the Toyo and Nitto brands as suppliers of high quality tires.”
Toyo Tire Holdings of Americas oversees Toyo Tire U.S.A., Nitto Tire U.S.A. Inc., Toyo Tire North America Manufacturing Inc., Nitto Tire Canada Inc., Toyo Tire Mexico LLC and Toyo Tire North America OE Sales L.L.C.