Toyota CEO and President Akio Toyoda to step down

Toyota CEO and President Akio Toyoda to step down

Akio Toyoda, president and CEO of Toyota Motor Corp.

Kiyoshi Ota | Bloomberg | Getty Images

Toyota Motor Corporation’s President and Chief Executive Akio Toyoda will step down from his publish on April 1, to get replaced by present Chief Branding Officer Koji Sato, the Japanese automaker stated Thursday.

Toyoda will develop into the brand new chairman of the board, whereas the present Chairman Takeshi Uchiyamada will proceed as a member of the board.

Toyoda, 66, is the grandson of the carmaker’s founder and has served as chief executive since June 2009.

“I assumed the easiest way to additional Toyota’s transformation can be for me to develop into chairman in help of a brand new president, and this has led to at present’s choice. Chairman Uchiyamada has lengthy supported me in all possible methods,” Toyoda stated in a webcast.

“In retrospect, these 13 years have been a interval of struggling to survive at some point after the subsequent, and that’s my sincere feeling,” he added.

Tokyo-listed shares of Toyota ended the session 0.63% decrease Thursday forward of the announcement.

CNBC’s Jihye Lee contributed to this story

Correction: This article has been up to date to replicate that Toyoda was referring to the corporate Toyota when discussing its transformation within the webcast.