TOKYO— Kobe Steel Ltd.’s KBSTY 1.54% chief executive said he would step down effective April 1 to take responsibility for a quality scandal that has shaken Japan’s reputation for top-notch manufacturing.
“To demonstrate that Kobe Steel has changed and to speed up change, we need new management,” said Hiroya Kawasaki, the head of Japan’s third-largest steelmaker.
Kobe Steel—which supplies the makers of cars, planes and nuclear plants—admitted in October to falsifying quality specifications on products shipped to hundreds of customers, prompting an investigation by the U.S. Justice Department. On Tuesday, the company said some of the data falsification went back 50 years.
Kobe Steel’s announcement opened the floodgates for similar revelations at other top manufacturers, p...Read More