OSAKA, Japan—Toyo Tire & Rubber Co. Ltd. has nominated a new chairman and president, as well as four new director candidates, to be voted on at an extraordinary meeting of shareholders on Nov. 12.
The firm has named Katsumi Komaguchi as the newly appointed chairman and director of the company. Takashi Shimizu has been appointed president and representative director. He currently serves as senior corporate officer and general manager of the Tire Planning Division.
Toyo said in June that it would replace the existing management team to take responsibility for its role in providing non-compliant earthquake-proof seismic isolation rubber bearings to buildings in Japan. At that time, former Chairman Akira Nobuki and former President Takuji Yamamoto announced their resignation in the wake seismic rubber controversy. Seven other corporate officers or advisers also resigned, retired or were demoted as a result of the scandal.
The firm sought to appoint a chairman from outside the company, and Komaguchi fits that bill. The executive joined Kyocera Corp. in March 1986 and held various roles with the firm, serving as director and senior managing executive officer in 2013 and was appointed to vice chairman and representative director of Kyocera Document Solutions Inc. in April 2015.
Komaguchi will join Toyo in October as an adviser. He had served his post as deputy chairman and representative director for Kyocera Document Solutions until Sept. 19.
Shimizu jointed Toyo in 1985 and became president of Toyo Tire Holdings of Americas Inc. in 2010 before becoming a corporate officer in March 2014 and eventually senior corporate officer in July 2015. His responsibilities include general manager of the Tire Planning Division and the North America Business Unit.
Other nominations include Koichi Ono and Masaji Ishino for the positions of director, senior corporate officer. Tetsuo Tatara was nominated for the position of director, corporate officer; and Ken Morita was nominated as an outside director.
Toyo also announced the retirements of Senior Corporate Officer Sadao Ichihara and Special Adviser Takuji Yamamoto.
The firm released reports in March and April that said a total of 145 buildings were confirmed to have non-compliant earthquake-proof rubber shock absorbers since it began selling them in 1996. Initially the firm said it supplied sub-standard products from July 2004 through February 2015.
The products were certified for quality by Japan's Ministry of Land, Infrastructure Transport and Tourism, but since were found not to have conformed to performance standards.