The grandson of Toyota Motor’s founder will be taking the reins during one of the most challenging economic environments in the automaker’s history.
As Toyota’s president, Akio Toyoda , whose grandfather was company founder Kiichiro Toyoda, will try to convince consumers to buy cars, after his company’s vehicle sales fell last year for the first time in a decade. He will be figuring out how to cut output and capital spending further since the automaker faces the first operating loss in its 71-year history.
Toyota confirmed Tuesday that it had chosen Toyoda, currently the company’s executive vice president, to replace Katsuaki Watanabe as president, Japan’s corporate equivalent of chief executive. The widely expected choice, made by company elders, will be subject to shareholders’ approval at a June meeting. A Toyoda family member most recently ran Toyota 14 years ago.
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