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Toyota president Akio Toyoda resigns

Akio Toyoda, President and CEO of Toyota Motor Corporation.

Kiyoshi Ota | Bloomberg | Bloomberg | Getty Images

Toyota Motor Corporation President and CEO Akio Toyoda will step down on April 1 and be replaced by current chief branding officer Koji Sato, the Japanese automaker said Thursday. Announced.

Mr. Toyoda will be appointed as the new chairman, and the current chairman, Tsuyoshi Uchiyamada, will continue to serve as a director.

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Mr. Toyoda, 66, is the grandson of the automaker’s founder. Chief Executive Officer since June 2009.

“I thought the best way to further transform Toyota was for me to become chairman in favor of the new president. This led to today’s decision. You’ve supported me,” Toyoda said in a webcast.

“Looking back, the last 13 years have been one tough period after another, and that’s how I honestly feel,” he added.

Toyota’s Tokyo-listed shares closed 0.63% lower ahead of Thursday’s announcement.

CNBC’s Jihye Lee contributed to this article

https://www.cnbc.com/2023/01/26/toyota-ceo-and-president-akio-toyoda-to-step-down-.html Toyota president Akio Toyoda resigns

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