Embattled auto parts supplier Takata may soon have a new boss after Automotive News reported that current CEO Shigehisa Takada will resign from his post on one condition.

Takada said that he will only step down as CEO of the company after the auto parts supplier finds a financial backer that will help the company reorganize itself amidst the airbag inflator fiasco.

"I am not clinging to this. My role is to make sure the company does not take a bad turn until there is a passing of the baton," said Takada.

He added that the company's management restructuring would be determined by a third-party committee that will oversee the reconstruction process. Investment bank Lazard said that they will reform Takata's governance and will work out the company's troubled finances.

In a previous report, Takata was considering to overhaul its airbag inflator division and sell its non-core businesses. The company has already posted its third annual loss in four years while the exact amount of damages, deaths, injuries and recalls caused by defective Takata airbag inflators is not yet known.

Currently, the auto parts supplier is struggling to keep up with demand for replacement inflators as more than 100 million parts have been deemed defective. Most of the affected automakers like Toyota, Honda, Mazda, Nissan and General Motors shouldered most of the replacement costs. However, Takata will still be dealt with a heavy fine once the root cause of the airbag inflator problem has been found.