JAPAN: Daikin Industries’ executive chairman and global group representative executive officer Noriyuki Inoue is set to retire at the age of 89 after 67 years with the company.

In his place, current president and CEO Masanori Togawa will become chairman and CEO, and senior executive officer Naofumi Takenaka will be promoted to president and COO. The changes are expected to be confirmed at the general meeting of shareholders on June 27.

Despite stepping down, Inoue will retain the title of honorary chairman and representative executive officer.

After joining Daikin in 1957, Inoue took on hist first director role within the company in 1979, becoming MD in 1985. After being made president in 1994, and chairman the following year, he expanded the company globally by acquiring a number of major air conditioning companies including the Malaysian conglomerate OYL Industries and US manufacturer Goodman. During the subsequent 30 years, Daikin sales have grown over 10-fold to JPY4,395bn (US$28.3bn).

Masanori Togawa joined Daikin in 1973, being appointed to his first director role in 2002. Progressing through a number of senior positions, he took took over as president and CEO from Inoue in 2014. At the age of 75, Masanori Togawa is a youngster compared to Noriyuki Inoue.

(Noriyuki Inoue (left) is set to retire, being replaced as chairman by Masanori Togawa)