Honda to replace chief executive

Honda chief executive Takeo Fukui is to step down in June and be replaced by senior managing director Takanobu Ito.
Like most Japanese carmakers it has seen sales slide in the wake of the global downturn and tightening credit.
Japanese exporters, such as Honda, have also been hit by the strong yen. Rivals such as Toyota and Nissan have had to cut both production and jobs.
The move follows a similar change at the top of Toyota, where Akio Toyoda replaced Katsuaki Watanabe.
Honda saw its quarterly profit to December 2008 profit plummet by 90%
Japan's second-biggest carmaker is now expecting an 80bn yen ($856m; £579m) profit for the financial year which ends on 31 March, as against an earlier prediction of 185bn yen profit.
'Great honour'
Mr Fukui, 64, will have completed six years in charge when he steps down to become an adviser to Honda.
"I felt it was a great honour, but that was like 47% of my feelings," Mr Fukui said.
"The other 53% was this feeling that I can't take it because it was going to be so extremely difficult. I don't recall being all smiles."
Mr Fukiu said he was confident the company would pull through under its new boss.
Mr Ito, 55, is currently in charge of automobile operations, and previously headed the carmaker's research arm.
"Honda is at its core a fun company, where we hope customers buy cars with the same enjoyment we have in making them," Mr Ito said. "I want to raise motivation so that we have fun again."
'Hardships'
However, the Japanese carmaking industry's plight is causing considerable concern and there are fears it could push Japan deeper into recession.
"We are facing hardships that come once in a 100 years," Mr Ito said.
"My job is to come up with products that can pave the way for new times."
In December, Mr Fukui, a motor racing fan, announced that the firm would pull out of Formula One racing to channel the funds instead to the development of a new generation of cars.
Honda's shares closed down 3.8% at 2,160 yen