TOKYO -- Honda said CEO Takahiro Hachigo will step down and will be succeeded by Toshihiro Mibe, the head of the automaker's research and development arm, on April 1.
Hachigo will remain on the board, Honda said in a statement on Friday.
Mibe, 59, joined Honda in 1987, with stints in engine development and the drivetrain business. He became the president of Honda's R&D unit in 2019, working with Hachigo to push through structural reforms.
Mibe's appointment comes as Honda races to catch up in the field of all-electric cars and faces competition from new entrants and tech giants such as Tesla, Apple and Amazon.