Toyota Names New President
Japanese auto major Toyota has named Akio Toyoda as new President, turning to the grandson of its Founder, to lead the company through the worst demand downturn in decades.
Mr. Toyoda, at present an Executive Vice President, will succeed Katsuaki Watanabe who is going to become the Vice Chairman in June. He became a board member in 2000 and was made Executive Vice President in 2005, taking charge of Japanese sales and overseas operations.
The appointment comes as the auto maker witnesses an operating loss in the fiscal year ending March 31.
Mr. Toyoda is quoted as saying: I will assume the heavy responsibility of navigating Toyota through an unprecedented crisis.”
Akio Toyoda would be supported by five Vice Presidents.
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