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Kobe Steel taps head of machinery business as next CEO, president

Kobe Steel Ltd. appointed a new President and CEO Mitsugu Yamaguchi, who was previously heading its machinery business, Reuters reported March 9.

Former CEO, President and Chairman Hiroya Kawasaki stepped down earlier this month over a data fabrication scandal that affected some of Japan's biggest automakers and bullet train operators.

Kawasaki said he would step down, effective April 1, to take responsibility for the data fabrication, which the company previously admitted it had been happening for nearly five decades.

Kobe Steel's and Toyota Motor Corp.'s U.S. consumers filed a lawsuit against the companies for allegedly engaging in fraud by concealing the use of substandard metal components in vehicles and violating consumer protection laws.