Kouji Sato, chief brand officer, will become the new CEO, Toyota said. Representative director Takeshi Uchiyamada will relinquish his chairman title.
The Japanese automaker will hold a news conference at 4 pm (7 am GMT) to explain the leadership reshuffle.
At the shareholders’ meeting in June last year, Toyoda said he was “thinking about the timing and the choice of a successor” when asked about succession planning.
(Reporting by Satoshi Sugiyama; Editing by Muralikumar Anantharaman)
