Toyota Motor Corp said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan's biggest automaker to its top branding officer, Koji Sato.
and chief executive to become chairman from April 1, and hand over the helm of Japan's biggest automaker to its top branding officer, Koji Sato.
The issue of who would take over from Toyoda, the 66-year-old grandson of the company's founder, had increasingly been a focus for investors.“I myself was surprised. Ten out of 10 analysts had probably been thinking that Toyoda would carry on for a while, so that came as a huge surprise. I don’t know if now was the best timing for the change.”
"Probably the day-to-day management will not change. Having Akio Toyoda step away from being CEO may increase his symbolism within the company and it may be hard for the young, new president to really show his hand. "Toyota’s Toyoda was from the founder’s family, so today’s transition was especially symbolic. We must closely watch how Sato will lead the company going forward.”"This was a surprising appointment. He's so young ... my initial reaction was 'how many executives has he skipped?'. This is a big decision that nobody else but only Akio Toyoda could make.
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