Toyota Motor has promoted Lexus President Koji Sato, 53, as chief executive officer to replace Akio Toyoda, the grandson of the Japanese carmaker’s founder who will become chairman.
Toyoda, 66, became CEO in 2009 and oversaw the company’s rise to become the world’s No. 1 automaker. The firm announced Thursday that Toyoda will step down as president and chief executive to become chairman from April 1. Representative director Takeshi Uchiyamada will drop his chairman title.
Toyoda explained that the main reason why he is passing the torch to the younger generation now is because Uchiyamada has decided to step down from his position.