Akio Toyoda, president and CEO of Toyota Motor Corp.
Kiyoshi Ota Bloomberg Getty Images
Toyota Motor Corporation President and Chief Executive Akio Toyoda will step down from his post on April 1, to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said Thursday.
Toyoda will become the new board chairman, while current Chairman Takeshi Uchiyamada will continue as a board member.
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Toyoda, 66, is the grandson of the automaker’s founder and has been chief executive since June 2009.
“I thought the best way to further the transformation of Toyoda would be the chairman in supporting the new president, and this has led to today’s decision. Chairman Uchiyamada has long supported me in every way imaginable,” said Toyoda in the webcast.
“In retrospect, these 13 years have been a time of struggling to live one day after the next, and it’s an honest feeling,” he added.
Tokyo-listed Toyota shares ended the session 0.63% lower on Thursday ahead of the announcement.
— CNBC’s Jihye Lee contributed to this story