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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

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