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Mazda CEO Is Stepping Down Amid Deepening Toyota Ties

  • Marumoto takes over from Kogai, who steps down after 5 years
  • New chief’s goal is to boost annual sales to 2 million cars
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Mazda Motor President Masamichi Kogai is stepping down after five years in his job. Bloomberg’s Dave McCombs reports.(Source: Bloomberg)
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Mazda Motor Corp. named Akira Marumoto its next chief executive officer to lead a revival in earnings growth in the face of a slowing U.S. market.

Marumoto, an executive vice president who heads operations in the U.S., will replace Masamichi Kogai after the change is ratified at an annual shareholder meeting on June 26, Mazda said Friday. Kogai will become chairman following a five-year tenure in which he orchestrated deeper ties with Toyota Motor Corp. Both of Kogai’s most recent predecessors as CEO also served five-year terms.