Toyota Motor Corporation (TMC) announced changes to the top leadership structure on Thursday (26/1/2023). Toyota founder Akio Toyoda’s grandson is no longer President and Chief Executive of TMC.
Quoted from Toyota’s official website, Akio Toyoda’s position will be replaced by Koji Sato, who previously served as President of Lexus International Co and Gazoo Racing Company. Toyoda will officially step down from his post on April 1, 2023.
Akio Toyoda, who has been President and Chief Executive of TMC for 13 years, will assume the position of Chairman of Toyota Motor Corporation. The position was previously occupied by Uchiyamada, who recently stepped down.
“I think that the best way to continue Toyota’s transformation is to become chairman to support the new president, and that is today’s decision,” Akio Toyoda said in a statement, quoted on Thursday (26/1/2023).
“Come to think of it, these 13 years have been a period of struggle for survival, and that is my honest feeling,” he added.
Toyoda, who was born May 3, 1957, served as President of Toyota replacing Katsuaki Wattanabe. Toyoda has been at the helm of Toyota since June 2009.
Prior to Toyota, Akio Toyoda worked at an investment bank outside Japan. Toyoda finally returned to Toyota and joined the board of directors in 2000. Toyoda’s entry into the board of directors cleared the doubts of a few people at Toyota who questioned his ability to be in the automotive business.
In the hands of Akio Toyoda, at that time, the future of Toyota was at stake. Because Akio Toyoda had to solve the financial problems faced by Toyota due to the global financial crisis.
“I believe that in times of crisis, two paths appear before us,” said Toyoda.
“One is a path to short-term success or quick wins. The other is a path that leads back to the essential qualities and philosophies that give us strength. I chose the latter.”
“This is the path to Toyota’s philosophy – to make better cars and be the best company in town that is loved and relied on by stakeholders in every region around the world,” he continued.
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