Nippon Sheet Glass (NSG) has announced that its American President and Chief Executive Officer (CEO) Craig Naylor has stepped down with immediate effect.

Executive Vice President Keiji Yoshikawa has taken over as the company’s new President and CEO.

The company has said that Mr Naylor will leave his post as part of the firm’s efforts to accelerate a recovery from the Y3 billion net loss it has predicted for the 12 months ended in March amid tough competition, weakness in overseas markets and the strong yen.