Message from the President & CEO
Our associates work together as one to meet the needs of society.
This is our mission.
We live in an era of great transformation for the automotive industry, and the Akebono Group is transforming as well. As the development of electric and autonomous vehicles accelerates, the brake sector is seeing the emergence of new customers, new products, and new markets. The foundations that will enable us to respond to these changes are the technologies that we have developed throughout the more than 90 years since our founding, and the individual associates who carry on and develop those technologies.
In October of 2019, Akebono established a new management structure and took on a range of business structural reforms under our Business Turnaround Plan. Even amid the difficult circumstances of the COVID-19 pandemic, we have been steadfast in implementing the Turnaround Plan with measures such as the restructuring of facilities and optimization of production. We have also been working steadily to strengthen our business foundations for future sustainable growth.
We require the efforts of all associates to achieve the Business Turnaround Plan and future growth beyond. I have established “5 Attitudes” to serve as guidelines for associates: (1) Always have a strong “customer first” mindset; (2) Proactively propose solutions, and get the job done with aspiration and grit; (3) Have a deep awareness of cost reduction; (4) Adopt the “5-Gen Approach”: Genchi, Genbutsu, Gennin, Genri, Gensoku (“Go to the actual place, see the actual things and confirm the actual facts. Then take action based on fundamental theory according to decided principles”); and (5) Accurately evaluate and reward associates for their efforts, results, contributions and behavior.
With all associates working together and leveraging the technologies that Akebono has developed, I am convinced that the Business Turnaround Plan will succeed. The “5 Attitudes” are the guidelines to that end, and I believe the attitudes themselves must serve as an expression of our organization's strength.
I also believe that as a monozukuri (manufacturing excellence) company, contributing to the world's safety and peace of mind is part of our core mission. For many years we have been promoting sustainability, and we are now embracing SDGs as well. We also engage in initiatives to reduce our environmental burden, such as developing friction materials that halve carbon emissions in the manufacturing process, or brakes that reduce drag resistance to boost energy efficiency in conventional and electric vehicles. In these ways, Akebono's technologies will strongly benefit society going forward.
As we pursued these efforts, however, in February 2021 we announced that there had been inappropriate conduct in periodic inspection reports in Japan for certain products. Although the products in question had no issues in terms of performance, the fact that we had failed to keep our promises to our customers was a serious concern, and the case caused a major loss of trust among our customers and stakeholders. Going forward, in order to win back this trust, I will take the lead together with all of Akebono's executive officers, devoting all our efforts to strengthening the company's compliance and governance.
With this in mind, we have set organizational objectives for fiscal 2022 as follows: 1. Reorganization and strengthening of corporate management foundations; 2. Achievement of the Business Turnaround Plan by revising and implementing measures in response to changes in the business environment; and 3. Acquisition of new business and enhanced competitiveness for future sustainable growth. By achieving these objectives, all associates can diligently work together to renew trust in the company and achieve the Business Turnaround Plan, thereby ensuring our growth into the future.
I would like to express my sincere gratitude for your support and look forward to your continued understanding and support going forward.
Yasuhiro Miyaji
President & CEO
Akebono Brake Industry Co., Ltd.