Takata's President Stefan Stocker Resigns over Airbag ScandalAlso Read - Diwali 2021 Offers: Here Are All Benefits, Discounts On Your Favourite Maruti, Hyundai, Tata, Mahindra, Honda Cars

The apparent demotion of Stocker, who only joined the company last year, was designed to further unify the company's handling of the airbag recall problem and to accelerate and strengthen the decision-making, it said in a statement. Takata's chairman, whose grandfather started the company, will take a 50 per cent pay cut while Stocker's salary will be reduced by 30 per cent, both for four months, the company said. Three other board members will see their pay temporarily reduced by 20-per cent, it added. Temporary pay cuts are a common show of contrition among under-fire Japanese executives. Also Read - The Great Honda Fest: Festive Offers Up To Rs 53,500 On Honda City, Honda Amaze, Honda WR-V, Honda Jazz

“The company sincerely apologises to those whose lives were lost, their family members and people who were injured due to the company's defective airbags,” it said in a separate statement issued today. Takata's top quality official has faced a grilling in US congressional hearings, its Tokyo-listed shares have plunged, and it's facing civil lawsuits and criminal investigations over the problems. Also Read - Honda City, Amaze, WR-V, Jazz Have Offers Up To Rs 57,044 In September 2021. Here Are Complete Details

Millions of vehicles made by some of the world's biggest automakers, including Honda, Toyota and General Motors, have already been recalled due to the risk their airbags could deploy with excessive explosive power, spraying potentially-fatal shrapnel into the cars. Police reportedly investigated one driver death as a murder due to the grisly injuries, before turning their focus to the car's airbag.

The bulk of the recalls – reportedly topping 20 million vehicles – are in the United States as defective airbags were mostly made in Mexico.

(PTI)