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This is how a business is supposed to be run.

TOKYO (AP) — Honda Motor Co. named Takanobu Ito, head of core automaking operations, as its new chief executive Monday, in an effort to provide fresh leadership to battle a global crisis in the auto industry.

Ito, a 55-year-old research and development expert with U.S. experience, replaces Takeo Fukui, 64, who will remain on the board as adviser, Japan's No. 2 automaker said in a statement.

Both Fukui and Ito said the change at the helm is a message of its determination to turn a new leaf and press ahead with technological innovations — its longtime strength — to lift its sagging business, and have the momentum to be prepared to take advantage of a recovery, when it comes.

"We are facing hardships that come once in a 100 years," Ito said.

Ito said he would continue in Fukui's footsteps in developing ecological and affordable products such as the Insight gas-electric hybrid, which has been a hit since going on sale recently.

"Honda's strength has been its sensitivity to changing times and ability to respond quickly to customer needs," he told reporters at the company's headquarters. "My job is to come up with products that can pave the way for new times."