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Toyota family's grandson to take helm
Source: Xinhua |
January 9, 2009, Friday
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Online Edition
Online Edition
TOYOTA Motor Corp. has decided to promote Akio Toyoda, a member of the company's founding family, to president in June, local media reported today.
Current President Katsuaki Watanabe will become vice chairman and Chairman Fujio Cho will retain his post, Kyodo News quoted sources close to the matter as saying.
The reshuffle will mark the first time in 14 years that a member of the Toyoda family will take the helm of the nation's largest automaker.
Other Japanese leading newspapers including Mainichi News, Nikkei, and Yomiuri Shimbun also reported the news, but none of them disclosed the source.
Toyota didn't comment on media reports, and the decision will be formalized at a board meeting to be held after a shareholders meeting in June.
The 52-year-old Toyoda is a great-grandson of the late Sakichi Toyoda, who founded the Toyota Motor group in 1937, and also the oldest son of 83-year-old Toyota Motor Honorary Chairman Shoichiro Toyoda.
Akio Toyoda, who has been serving as an executive vice president since 2005, has long been tipped as a favorite for future president. He will become the first Toyota Motor president from the founding family since 1995 when Tasturo Toyoda retired from the post due to illness.
The decision comes as the automaker tries to weather the current business environment it is facing against the backdrop of the global economic downturn.
Current President Katsuaki Watanabe will become vice chairman and Chairman Fujio Cho will retain his post, Kyodo News quoted sources close to the matter as saying.
The reshuffle will mark the first time in 14 years that a member of the Toyoda family will take the helm of the nation's largest automaker.
Other Japanese leading newspapers including Mainichi News, Nikkei, and Yomiuri Shimbun also reported the news, but none of them disclosed the source.
Toyota didn't comment on media reports, and the decision will be formalized at a board meeting to be held after a shareholders meeting in June.
The 52-year-old Toyoda is a great-grandson of the late Sakichi Toyoda, who founded the Toyota Motor group in 1937, and also the oldest son of 83-year-old Toyota Motor Honorary Chairman Shoichiro Toyoda.
Akio Toyoda, who has been serving as an executive vice president since 2005, has long been tipped as a favorite for future president. He will become the first Toyota Motor president from the founding family since 1995 when Tasturo Toyoda retired from the post due to illness.
The decision comes as the automaker tries to weather the current business environment it is facing against the backdrop of the global economic downturn.
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