Akio Toyoda To Step Down As Toyota CEO
Akio Toyoda has announced his resignation as Toyota's CEO.
Toyoda, the grandson of Toyota founder Kiichiro Toyoda, has been CEO for 13 years and will now hand over the reins to Koji Sato, who has been in charge of Toyota's Gazoo Racing division as well as the Lexus brand.
But, while Toyoda is stepping down as CEO, he is not leaving the company entirely.
He will take over as chairman of the board of directors, succeeding Takeshi Uchiyamada, who is retiring.
Toyoda has been an active World Rally Championship fan and thus a key supporter of Toyota's WRC programme, and last year he performed a demonstration in a Rally2 GR Yaris in Japan.
Toyoda's decision to step down is thought to be due to his vision not aligning with the automotive industry's future direction.
“I thought the best way to further Toyota’s transformation would be for me to become chairman in support of a new president, and this has led to today’s decision. Chairman Uchiyamada has long supported me in all imaginable ways,” Toyoda said in a translated webcast.
“In retrospect, these 13 years have been a period of struggling to survive one day after the next, and that is my honest feeling,” he added. The change will take effect on April 1.
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