Toyota CEO Steps Down, To Be Replaced by Lexus President
Toyota, one of the biggest automakers in the world, announced that Akio Toyoda, grandson of the company’s founder Kiichiro Toyoda, will be stepping down after 14 years as its President and CEO. According to a statement by the company, Toyoda will be staying on as a Chairman of the Board of Directors.
His replacement, Koji Sato, has proven himself to be a valuable asset to the company after serving as the International President for Lexus, Chief Branding Officer, GAZOO Racing Company President, and Toyota Operating Officer. Sato will be assuming his new role as Toyota’s CEO and President on April 1st.
Toyota has not revealed the details behind this shift in executive leadership, though some reports suggest that it may be due to the automaker’s slow adoption of a more prominent EV lineup.
Toyoda has held high regard for Sato in the past, praising his passion for the automotive industry, and believing that this new change in leadership is in the best interest of Toyota’s future.
Another change in Toyota’s executive leadership is Takeshi Uchiyamada’s resignation as the Chairman of the Board of Directors. Following the company’s 119th annual Ordinary General Shareholders’ Meeting, Uchiyamada will also be stepping down with Toyoda to remain on board as a member of the Board of Directors.