Suzuki Chairman to Receive No Pay for One Year

Economy

Tokyo, May 28 (Jiji Press)--Suzuki Motor Corp. <7269> Chairman Osamu Suzuki will not receive executive remuneration for a one-year period starting in July as part of disciplinary measures following revelations of its improper vehicle inspections, the Japanese automaker said Tuesday.

President Toshihiro Suzuki will receive a 50 pct pay cut for six months. The chairman and president will decline their annual bonuses for fiscal 2018.

Chairman Suzuki himself declined to receive pay, the company said. He earned 220 million yen in fiscal 2017, including 93 million yen in bonus.

"We will make all-out efforts to ensure legal compliance," he said in a statement. The company's irregularities include inspections by unqualified workers.

The company will dismiss Hiroaki Matsuura, director and managing officer in charge of vehicle inspections. He will resign as managing officer on Friday and leave the board on June 27 after the company's annual shareholder meeting.

[Copyright The Jiji Press, Ltd.]

Jiji Press