New Delhi [India], December 27 : Osamu Suzuki, the former President Chairman & CEO of Suzuki Motor Corporation, passed away at the age of 94 on Wednesday afternoon due to malignant lymphoma, the company announced on Friday.
According to Kyodo News, Japan, Suzuki's leadership spanned over four decades, during which he transformed the Japanese automaker into a global powerhouse, especially cementing its dominance in India's car market.
Suzuki helmed the company as president, chairman, and CEO from 1978 until stepping down in 2021 at the age of 91. Under his stewardship, Suzuki Motor's consolidated sales skyrocketed from around 300 billion yen (USD 1.9 billion) in 1978 to over 3 trillion yen in fiscal 2006, a tenfold growth that underscored his vision and leadership.
His strategic focus on compact and affordable vehicles for emerging markets, including India, set the company apart. Maruti Suzuki India Ltd., the company's subsidiary, maintained an impressive 41.7 per cent share of India's car market in fiscal 2023, far outpacing its nearest rival Hyundai Motor Co., which held a 14.6 per cent share.
Born on January 30, 1930, in Gifu Prefecture, central Japan, Osamu Suzuki joined the automaker in 1958 after marrying into its founding family.
He adopted the family name of his wife, the daughter of then-president Shunzo Suzuki. In 1978, he assumed the presidency and set out to reshape Suzuki Motor, which began in 1920 as Suzuki Loom Manufacturing Co., into one of Japan's leading automakers.
While many Japanese automakers aggressively pursued the U.S. and Chinese markets, Suzuki directed resources toward producing mini vehicles domestically and compact cars in regions like India, Southeast Asia, and Hungary. This strategy allowed the company to dominate niche markets where affordability and efficiency were paramount.
However, Suzuki Motor exited the automobile business in the U.S. in 2012 and China in 2018, recognizing the markets' preference for larger vehicles. Despite these challenges, the company thrived under Suzuki's leadership, maintaining its stronghold in other key regions.
Suzuki Motor forged a business and capital tie-up with Volkswagen AG in 2009 to bolster its environmental technologies. However, the partnership dissolved in 2015 following disputes over control.
Subsequently, Suzuki led the formation of a capital alliance with Toyota Motor Corporation in 2019, focusing on co-developing self-driving vehicles amidst the industry's pivot to CASE (connected, autonomous, shared, and electric) technologies.
Osamu Suzuki stepped down as president in 2015, handing over the reins to his son, Toshihiro Suzuki, but continued to influence the company's direction as chairman until 2021.
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