Toyota Material Handling, U.S.A., Inc. (THMU), the number one selling lift truck supplier in the United States, today announced the retirement of its Chairman and CEO Shankar Basu, effective immediately.
"Shankar has been a tremendous leader for Toyota and has made a lasting impression on our associates, dealers and the lift truck industry," stated Brett Wood, president of TMHU. "I'm thankful to have worked by his side and learned from him during my 20-year tenure at Toyota. I will continue to advance Toyota's leadership position with many of the strategies he introduced."
A decade of growth and leadership
During his decade-long tenure as president and CEO of TMHU, Basu was influential in catapulting the company to its number one lift truck supplier ranking.
When Basu joined Toyota, the company had less than two percent market share. Today, the company is ranked the top lift truck supplier, an achievement held for seven consecutive years.
Ted Toyoda, president of Toyota Industries Corporation, commented
Basu also served on the TMHU board and as a director of Toyota Industrial Equipment Mfg., Inc. (TIEM), the Columbus, Ind., Toyota lift truck manufacturing plant. He also dedicated his time and expertise to numerous industry associations, including the Material Handling Industry of America (MHIA) Roundtable of Industry Leaders.
"I have had the honor and privilege of knowing and working with Shankar Basu for more than 30 years, most recently in his leadership capacity on the MHIA Roundtable of Industry Leaders," stated John Nofsinger, CEO of the MHIA. "Roundtable Leaders are chosen by their peers as having demonstrated uncommon commitment to and support of the industry's vision and mission. Shankar's sage advice and counsel have made a major and lasting impact on the health of both MHIA and the industry as a whole."
"Shankar Basu's participation in the Material Handling Equipment Dealers Association enabled him to bring a broad spectrum of experience and expertise to the Executive Committee of the Industrial Truck Association (ITA)," shared Bill Montwieler, executive director of the Industrial Truck Association. "Shankar played a pivotal role in ITA's efforts to work with OSHA on reducing the number of accidents involving forklifts, which has resulted in saving the lives of operators each year. He also was willing to place Toyota resources at the call of the industry and led the association in providing a 'look before you leap' attitude, which helped make sure the members always received a full return on the investment of member company resources," he added.
Basu has been a member of the executive committee of the board of directors of the ITA. He also was a member of the board of advisors of the Material Handling Equipment Distributors Association (MHEDA) as well as a member of the board of advisors for University of California Irvine's Graduate School of Business.