1. Wide of news conference with former and new presidents of Honda Motor Company arriving

2. Mid of media

3. SOUNDBITE: (Japanese) Takeo Fukui, outgoing President and Chief Executive of Honda Motor Company:

"Due to the rapid fall of the global economy, we are seeing no signs of recovery. It is necessary to make big changes in the management to survive through this crisis. We have assigned Ito so that Honda will overcome the hardship and carry on to a new level under a young leader. Ito will continue to run the research department. Amid the severe circumstances, Ito will pull Honda with strong leadership and will continue developing attractive products for the future with top of the line technology."

4. Wide of news conference

5. SOUNDBITE: (Japanese) Takanobu Ito, new President and Chief Executive of Honda Motor Company:

"The precise understanding of the business worldwide and quick decision making is necessary to overcome the severe circumstances. Open communication will bring the company together and allow Honda to overcome the critical time."

6. Close up of logo, reading (English) "Honda The Power Of Dreams"

7. Mid of entrance to Honda building

8. Wide of Honda's showroom with Honda's hybrid car in display

9. Honda's robot, Asimo, dancing

Honda Motor Company named Takanobu Ito as its new president and chief executive on Monday, in an apparent effort to spur a turnaround under fresh, younger leadership.

Ito, 55, is an expert in automobile development with experience in the US.

Ito replaces Takeo Fukui, Japan's second largest automaker said in a statement.

The move comes as Honda and all Japanese automakers grapple with a slump in global demand for cars.

Through Ito's appointment, Honda appears to be sending a message of its determination to turn a new leaf and press ahead with technological innovations, its longtime strength, to lift its sagging business.

"Due to the rapid fall of the global economy, we are seeing no signs of recovery. It is necessary to make big changes in the management to survive through this crisis," said Fukui, outgoing President and Chief Executive of Honda Motor Company, speaking at a news conference on Monday.

The move, part of a reshuffling of its board, follows a similar change at the top at bigger rival Toyota Motor Corporation, who recently named Akio Toyoda, a member of the founding family, replacing Katsuaki Watanabe.

The change at Honda, which makes the Insight hybrid and Accord sedan, still needs shareholders' approval at a meeting in June.

Ito said he would continue in Fukui's footsteps in developing ecological and affordable products such as the Insight.

"The precise understanding of the business worldwide and quick decision making is necessary to overcome the severe circumstances," he told reporters at Honda's headquarters.

There had been some speculation that Fukui, 64, who has already served six years as president, may step down, but the timing was uncertain.

Fukui will become an adviser and remain on the board.

Ito had already been scheduled to head the research and development unit of Honda in April, but now he will oversee the entire company.

Honda, has fared relatively better than Toyota, the world's biggest automaker, in riding out the downturn, partly because Honda doesn't make large trucks and tends to be more nimble.

But even Honda is also hurting and has been curbing production and reducing workers at its plants.

Honda, whose October-December profit plunged 90 percent, is expecting 80 billion yen (856 million US dollars) in profit for the fiscal year ending March 31.

Earlier, it had projected a 185 billion yen profit.

The strong yen, which erodes the earnings of exporters, has also cutting profits at Japanese automakers, including Honda.

During his tenure, Fukui, who built his earlier career developing motorcycles, led Honda's global expansion, including in the critical US market.

He also led Honda's foray into the small jet business and recently bought the hit Insight hybrid to market.

After joining Honda in 1978, Ito began his career as an engineer designing chassis, the main part of an auto, and was in charge of developing the frame structure for the NSX sports car, which went on sale in 1990.

From 1998 to 2000, Ito served as executive vice president at Honda R&D Americas Incorporation, where he helped develop the first sport-utility vehicle under the Acura brand, Honda's luxury models.

The MDX went on sale in the US in 2000, according to Honda.