Akio Toyoda Appointed Toyota's New President

What's interesting about many car makers around the world these days is that apart from lay-offs, cutting down or even halting the production, a very popular move to fight the current financial crisis is changing the management board as well.

There were certain rumors we have already spoken of but now the new is official: Toyota Motor Company has a new president who happens to be Akio Toyoda, no one else than the grandson of Kiichiro Toyoda, the well-known founder of the Japanese company.

Toyoda, age 52, is going to replace the current President, Katsuaki Watanabe, in June. The last one wasn't given the sack as you might easily assume, on the contrary he was promoted to the position of vice chairman.

As a matter of fact, the Japanese car maker announced the whole list with the top management team. That being said, Fujio Cho is going to remain the chairman of the company, while Kazuo Okamoto will continue to be his helping hand in the position of vice-chairman of the Japanese car manufacturer.

However, at least one retiring executive is expected, that being Katsuhiro Nakagawa, current vice chairman of the company. More importantly, this list will be officially finalized at a board of directors meeting after this year's annual general shareholders meeting in June.

Almost needless to say, Toyota Motor Corp has high expectations from the new management formula who is thought to bring the Japanese car maker onto the floating line. It's not a secret that Toyota's sales have fallen dramatically in the past year, so Toyoda is believed to heal the automaker's losses overseas.
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