The Pak Suzuki Motors Company’s board of directors issued a statement in which Masafumi Harano has been appointed as new CEO of Suzuki company.
Harano has been a part of Suzuki Motors Corporation since many years. He had been responsible for Suzuki’s overseas automobile market in Southeast Asia and North America. He was also a part of company’s auto product planning department in Hamamatsu, Japan.
The automobile production company said that the appointment of the new CEO was a strategic move in accordance with the overall automobile industry witnessing a phase of expansion and growth.
There has been a period of high demand of cars being witnessed, alongside the competition have also been increasing among the local players with the entrance of new players in the market.
With an expectation of an increased demand within the next three to five years, the company is expected to shift policy specially in the investment approach and adapt aggressive strategy.
Pak Suzuki Company Limited (PSMC) has attained a benchmark of Rs. 1 billion quarterly profit in the first quarter of 2017.
The company had planned to invest $460 million in its expansion of productions assembly and relevant operations but the decision is reportedly under pressure due to the government’s unclear regulatory policies and taxation issues.
The new CEO of Suzuki will be replacing Hirofumi Nagao, he now has been appointed as the Senior Advisory Director in the company and will be a part of board as an Executive Director.
Hirofumi Nagao has served the Pakistani market since June 2008. His term as CEO has been considered as good at Pak Suzuki as the company is making profits owing to high demand in the local market.
Furthermore, the board also appointed Shigeo Takezawa as a director of the company along with Masafumi Harano. They replaced the two directors naming Tetsuya Fujiko and Minoru Amano.