Akio Toyoda, president and CEO of Toyota Motor Corp.
Kiyoshi Ota | Bloomberg | Getty Photos
Toyota Motor Company’s President and Chief Government Akio Toyoda will step down from his submit on April 1, to get replaced by present Chief Branding Officer Koji Sato, the Japanese automaker mentioned 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.
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Toyoda, 66, is the grandson of the carmaker’s founder and has served as chief executive since June 2009.
“I believed one of the simplest ways to additional Toyoda’s transformation could be for me to grow to be chairman in assist of a brand new president, and this has led to at this time’s resolution. Chairman Uchiyamada has lengthy supported me in all conceivable methods,” Toyoda mentioned in a webcast.
“Looking back, these 13 years have been a interval of struggling to outlive at some point after the following, and that’s my trustworthy 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
