Toyota president Akio Toyoda to become chairman
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)