© Reuters. FILE PHOTO: Toyota Motor Corporation President Akio Toyoda speaks at a briefing on the company’s strategies on battery EVs in Tokyo, Japan December 14, 2021. REUTERS/Kim Kyung-Hoon
TOKYO (Reuters) – Toyota Motor (NYSE:) Corp said on Thursday its president and chief executive officer Akio Toyoda will become chairman effective April 1.
Kouji Sato, chief branding officer, will become the new CEO, Toyota said. Representative director Takeshi Uchiyamada will drop his chairman title.
The Japanese automaker will hold a news conference at 4 p.m. (7 a.m. GMT) to explain the leadership reshuffle.
At the shareholder meeting in June last year, Toyoda said he was “thinking about timing and the selection of a successor” when asked about succession planning.
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