Mazda moves

TOKYO: Mazda's chief is on the move. James Miller has succeeded Henry Wallace as president of Mazda Motor Corp, an affiliate of Ford Motor Co.

Miller said he felt honored to be leading Mazda toward the next century.

Wallace, who has served as Mazda's first foreign president since June 1996 will leave the company, Mazda said.

His term of office as Mazda president was due to expire next June. Wallace said he thought this is the best timing to step down because Mazda's financial standings have been improving.

Wallace also cited as one of the reasons for his decision the recent agreement between Mazda and Ford covering joint development of new products. Wallace joined Mazda as a vice president in 1994.