Toyo Tire & Rubber chairman resigns

Six months after Katsumi Komaguchi became chairman and representative director of Toyo Tire & Rubber in December 2015, the Japanese tyre manufacturer has announced his resignation of both roles. In an extremely short and perfunctory statement, Toyo wrote that his resignation is effective immediately (from 27 May 2016) and is described as a “personal matter”.

Owing to the fact that Komaguchi’s appointment had been made in order to strengthen Toyo’s corporate governance system in the wake of the firm’s earthquake dampening equipment scandal as well as for “group growth and expansion”, Komaguchi’s rapid exit is disruptive to the swift attainment of this goal.