Suzuki CEO steps down in wake of gas mileage scandal

The longtime CEO of Suzuki is stepping down, the executive vice president is retiring and directors are taking deep pay cuts to atone for the emissions scandal that has embarrassed one of Japan's largest automakers.

CEO Osamu Suzuki, whose formal title is representative director and chairman, is leaving the top post, the company reported. The move could clear the way for his son, Toshihiro Suzuki, to move up.

Also leaving is the executive vice president, Osamu Honda. The company said he is retiring.

The company also announced pay and bonus cuts as deep as 50% for directors and top officials for up to six months.

Suzuki is a 107-year-old company known chiefly in the U.S. these days for its motorcycles. Once an important, well-regarded player in the auto market, Suzuki announced it was pulling out the U.S. market in 2012 amid increasing competition.

In Japan, Suzuki has admitted to having used unapproved methods to test its vehicles for gas mileage. And it's not the only automaker that is going through a fuel economy scandal there.

Mitsubishi has also admitted to falsifying data when it comes to its gas-mileage testing, for which it has also apologized.

Nissan has since taken a 34% stake in Mitsubishi in the fallout from the scandal.