TOKYO (AP) – Honda has named Takanobu Ito as chief executive to provide fresh leadership to battle a global crisis in the auto industry.

The 55-year-old is a research and development expert with U.S. experience.

Japan’s No. 2 automaker says in a statement today that he replaces 64-year-old Takeo Fukui. Fukui will remain on the board as adviser.

Takanobu Ito to the right.

Both Fukui and Ito have said the change at the helm is a message of its determination to turn a new leaf and press ahead with technological innovations to lift Honda’s sagging business.

The change still needs shareholders’ approval at a meeting in June.

Honda’s October-December profit plunged 90%. The automaker is expecting $856 million in profit for the fiscal year ending March 31.

Source: Associated Press