Yamaha Motor Co.’s president resigned Oct. 26 shortly before the company posted a 33.1 percent decline in worldwide net sales for the first nine months of the year.
The Japanese motorcycle maker reported year-to-date worldwide net sales of $9.03 billion, a drop of 33.1 percent from the year-ago period, due to reduced sales in Europe and the United States.
Yamaha Motor President Takashi Kajikawa remains at the company as a board director, according to a statement by Yamaha. Yamaha Chairman Tsuneji Togami replaced Kajikawa on Nov. 1.
The company also reported a net loss of $1.67 billion, as worldwide sales of motorcycles, marine products, and power products dropped in the first nine months of the year.
Sales in North America during the third quarter amounted to $364 million, with an operating loss of $89.5 million. Yamaha attributed the sales decline to shrinking demand for leisure products amid the recession, and the negative impact of the stronger yen against the U.S. dollar.
Sales in North America for the first nine months decreased 49.2 percent to $1.57 billion, generating an operating loss of $311.6 million.
Yamaha maintained its forecast, a net loss of $1.98 billion, for the fiscal year ending Dec. 31, 2009.
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