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Morita, 52, will take over as CEO on Jan. 1. He’s currently the company’s chief strategy officer and has been with Bridgestone for almost three decades.

The company’s five-year midterm plan to be unveiled next year will include details on stock buybacks and an investment of 100 billion yen to build two production facilities in Europe or Asia.

Bridgestone expects a tougher second half as its U.S. business faces a sharp drop in truck tire demand, tariffs take a toll and it deals with the fallout from a cyberattack that disrupted production.