The world’s No. 1 automaker has a new CEO, and the transition of power could not have come at a more pivotal time.
Toyota on Thursday surprised the market when it announced that Lexus President Koji Sato will take over from Akio Toyoda, the grandson of the venerable carmaker’s founder, effective April 1.
While Toyoda will remain as chairman, Sato, a Toyota lifer who joined the company more than 30 years ago, will be tasked with guiding the automaker through what could be the most challenging period in its 86-year history. That’s because as consumers embrace electric cars in ever greater numbers, Toyota is falling behind.