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Honda Motor Co said on Friday that Chief Executive Officer Takahiro Hachigo would step down, handing over the reins to the head of the automaker's research and development arm, Toshihiro Mibe, on April 1.
Hachigo will remain on the board, Japan's second-biggest automaker by sales said in a statement.
Mibe, 59, joined Honda in 1987, with stints in engine development and the drivetrain business. He became president of Honda's R&D unit in 2019, working with Hachigo to push through structural reforms.
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Mibe's appointment, first reported by Reuters this week , 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 .
Traditionally known for its fuel-efficient internal-combustion engines, Honda launched its first mass-produced all-battery vehicle last August. It has said it wants new-energy vehicles such as plug-in hybrids and fuel-cell cars to make up two-thirds of its sales by 2030.