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Subaru CEO steps down; replacement named

Subaru Corp. said Yasuyuki Yoshinaga is stepping down as the company's CEO.

The automobile manufacturing company has appointed Tomomi Nakamura to succeed Yoshinaga.

Yoshinaga remains a director and chairman of the board of directors of Subaru.

The changes follow reports that Japanese regulatory officials searched company headquarters after Subaru admitted that mileage and emissions data for new vehicles were rigged at one of its plants.

Subaru shares were down 1.48% as of 10:30 p.m. ET on June 5.