Shigehisa Takada, the CEO of bankrupt Japanese air bag maker Takata Corp., has stepped down after the transfer of most of the company's assets to U.S. auto parts maker Key Safety Systems Inc. was completed, the company said Thursday.
Executive Director Yoichiro Nomura replaced Takada as president as of Wednesday and is tasked with repaying creditors and making other settlements. Takata will retain some air bag inflator operations to supply replacement parts following the company's massive global recalls.
(Takada attends a press conference in June 2017)
With the purchase of Takata's assets and businesses, Key Safety Systems was rebranded as Joyson Safety Systems, taking the name from its Chinese owner Ningbo Joyson Electronic Corp. It will generate annual sales of about $7 billion and will employ more than 50,000 people.
Hit by massive recall costs, Takata filed for bankruptcy protection in June 2017. It reached a $1.588 billion asset sale agreement with KSS in November of that year.
At least 22 deaths and over 180 injuries have been linked to defective Takata air bag inflators worldwide.
(Takata executives bow in apology in June 2017 for filing for bankruptcy protection)