The chief executive of major Japanese steelmaker Kobe Steel is stepping down over a scandal that surfaced last year involving massive falsification of inspections data of the company’s products.
Hiroya Kawasaki, who is also chairman and president, said Tuesday he is stepping down from all three positions. He stays on as a director but only until the annual shareholders’ meeting in June.
Continue Reading Below
His successor has not yet been named.
Kobe Steel has pointed to a zealous pursuit of profit, unrealistic targets and an insular corporate culture as behind the scandal.
There have been no accidents or injuries related to the fake data.
But the systematic misconduct spanned years, affecting products sent to more than 680 companies, including aluminum castings and copper tubes for autos, aircraft, appliances and trains.
Advertisement
