Toyota names new CEO as founder’s grandson, Akio Toyoda steps down
Toyota has named the world’s largest automaker to Lexus, Chief Koji Sato as the new Chief Executive Officer of Toyota.
This is coming after the longtime President and CEO of Toyota, Akio Toyoda the grandson of the founder steps down.
The Japanese automobile company announced the change in leadership on Thursday, stating that Akio Toyoda would become the Chairman of the board as Sato takes over the daily management.
With this, Toyota’s current Chairman, Takeshi Uchiyamada will resign from his position though he will still be a member of the company’s Board.
All changes are to take effect on April 1 as the change in leadership marks the end of an era.
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Akio Toyoda had risen to the helm of the company’s president in June 2009 after gaining experience “in every phase of automotive operations, including production, marketing, and product development, both in Japan and internationally,” according to Toyota
However, Toyoda referred to his tenure as a difficult one when he revealed in a press conference in Japan saying that in his past 13 years, “there was never a day that was peaceful.”
“Never did I experience a calm and peaceful year,” he added.
He further said that he did not always feel “welcomed as president,” and that it was tough to hear criticism of his leadership.
Furthermore, The 66-year-old CEO has previously said that he preferred working “with the factory guys” on the assembly line to “sitting in an office.”
Reason why Akio Toyoda stepped down as Toyota CEO
The leadership reshuffle comes as Toyota is being scrutinized for lagging in the electric vehicle race.
Meanwhile, the new Chief Executive Officer of Toyota mentioned that his leadership team would be focused on turning the automaker into a full-fledged “mobility company,” as Mr. Toyoda, had been skeptical of the global efforts to shift to battery-powered electric cars.
In addition, the carmaker has faced criticism for its reluctance to plough headlong into electric vehicles (EVs).
Instead, spreading its bets across various technologies such as battery-based EVs, hybrid technology, hydrogen-powered cars, and traditional combustion vehicles.
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