Chairman Takanobu Ito has had all his power revoked by the advisory group of former CEOs. He'll stay on until this is confirmed at the June meeting. They had previously held a vote of "no confidence" which would normally result in a CEO stepping down, but he chose to stay until the airbag fiasco was over. This new action by the advisory group indicates they were VERY unhappy with him indeed.

Ito's successor will be Takahiro Hachigo, formerly head of Honda China R&D. There were a LOT of people skipped over when they chose him, which indicates the size of the house cleaning going on.

Also leaving will be Tetsuo Iwamura, chairman of American Honda, Inc. He will be replaced by Takuji Yamada.

Chip H.