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HomeTOP NEWSAUTOToyota Chief Executive Officer President Akio Toyoda To step down

Toyota Chief Executive Officer President Akio Toyoda To step down


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Akio ToyodaPresident and CEO of Toyota Motor Corp.

Kiyoshi Ota | Bloomberg | Getty Images

Toyota Motor Corporation’s President Chief Executive Akio Toyoda will step down from the post on April 1, to be replaced with current Chief Branding Officer Koji SatoThe Japanese According to automaker Thursday.

Toyoda The new chairman of board will be appointed by the president, and the current Chairman Takeshi Uchiyamada Will continue to be a member.

Toyoda66-years-old is the grandson the founder of the automaker. Has served as chief executive officer since June 2009.

“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 In a 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 concluded.

TokyoList of -listed shares Toyota Session ended 0.3% lower Thursday Prior to the announcement.

CNBC’s Jihye Lee This story was contributed by:

Correction: This The article has been updated with the new information Toyoda This was in reference to the company Toyota When it is being discussed in the webcast.

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