Toyota Motor Corp. announced Wednesday that Senior Managing Director Akio Toyoda, a scion of the founding family, will become an executive vice president, in what is widely speculated as a step toward the top job at the nation's largest automaker.
Toyota also named Executive Vice President Katsuaki Watanabe as its next president, taking over from Fujio Cho in a management shuffle that takes place amid its global expansion.
Watanabe will be the third president in a row to come from outside the Toyoda clan and speculation is rife over when a founding family member will be given the helm.