Toyota Motor's surprise announcement Thursday of a change in its top management came as CEO Akio Toyoda, the grandson of the founder, picked an executive more than 10 years younger than him as his successor at a time when the global auto industry faces a once-in-a-century paradigm shift driven by decarbonization and digitization.
The head of the auto group's Lexus brand operation Koji Sato, 53, will become CEO in April while 66-year-old Toyoda who has led the company since 2009 will become chairman, allowing him to devote more time to lobbying activities.
Toyoda is currently the chairman of the Japan Automobile Manufacturers Association.