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Toyota CEO and President Akio Toyoda to step down – EAST AUTO NEWS

Toyota CEO and President Akio Toyoda to step down


Akio Toyoda, president and CEO of Toyota Motor Corp.

Kiyoshi Ota | Bloomberg | Getty Photographs

Toyota Motor Company’s President and Chief Government Akio Toyoda will step down from his publish on April 1, to get replaced by present Chief Branding Officer Koji Sato, the Japanese automaker stated Thursday.

Toyoda will grow to be the brand new chairman of the board, whereas the present Chairman Takeshi Uchiyamada will proceed as a member of the board.

Toyoda, 66, is the grandson of the carmaker’s founder and has served as chief govt since June 2009.

“I assumed the easiest way to additional Toyota’s transformation can be for me to grow to be chairman in help of a brand new president, and this has led to at this time’s determination. Chairman Uchiyamada has lengthy supported me in all conceivable methods,” Toyoda stated in a webcast.

“Looking back, these 13 years have been a interval of struggling to outlive sooner or later after the subsequent, and that’s my sincere feeling,” he added.

Tokyo-listed shares of Toyota ended the session 0.63% decrease Thursday forward of the announcement.

CNBC’s Jihye Lee contributed to this story

Correction: This text has been up to date to mirror that Toyoda was referring to the corporate Toyota when discussing its transformation within the webcast.

Toyota CEO and President Akio Toyoda to step down – EAST AUTO NEWS
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