Toyota’s longtime president and CEO Akio Toyoda is stepping down and handing over the reins of the world’s largest automaker to Lexus chief Koji Sato
. The Japanese company announced the shakeup Thursday, saying that Toyoda would be appointed chairman of the board as Sato takes over daily management. Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board, the company said. The changes are set to take effect on April 1. The leadership reshuffle marks the end of an era.
“I believe that over the past 13 years, I have built a solid foundation for passing the baton forward.” 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.” The regime change comes as Toyota is being scrutinized for lagging in the electric vehicle race. Unlike other automakers that are going all-in on EVs, Toyota has previously said it’s still not convinced that’s the best path forward.
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