Daihatsu Names Mitsui First Non-Toyota Head in 21 Years

Daihatsu Motor Co. (7262), the minicar- making unit of Toyota Motor Corp. (7203), named Masanori Mitsui as its next president, making him the company’s first non-Toyota chief in more than two decades.

Mitsui, 62, currently an executive vice president, will replace Koichi Ina on June 27, Daihatsu said in a statement today. The last time the Osaka, Japan-based automaker wasn’t headed by an ex-Toyota official was in 1992, according to Makoto Zenno, a Daihatsu spokesman.

While relinquishing the presidency, the parent company will take control of Daihatsu’s board, with 7 out of 11 board members coming from Toyota, according to Zenno. Toyota spokeswoman Shino Yamada said the automaker isn’t in a position to comment on the appointments because Daihatsu is a separate company.

Daihatsu fell 1.4 percent to 1,931 yen at the close in Tokyo trading. The benchmark Nikkei 225 Stock Average advanced 2 percent.

Ina will succeed Katsuhiko Okumura as chairman, with Okumura becoming an adviser, according to Daihatsu.

To contact the reporter on this story: Anna Mukai in Tokyo at amukai1@bloomberg.net

To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.