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Toyota keeps it the family

2009-01-09 14:52

Toyota Motor Corporation has decided to promote vice president Akio Toyoda to become company president in June, Japanese media reports said Friday.

Japan's leading automaker hopes to pull the business out of its slump by appointing the first founding family member in 14 years to head the company, Jiji Press quoted sources as saying.

Hit hard by the rising yen and a slowdown of exports caused by the global financial crisis, Toyota has forecast an operative loss of 150 billion yen (1.66 billion dollars) for the 2008 fiscal year that ends in March. Last year, Toyota reported an operative profit of 2.27 trillion yen.

Current president Katsuaki Watanabe will become vice-chairman and chairman Fujio Cho will retain his post, Jiji said.

The 52-year-old Toyoda is the eldest son of the company's honorary chairman Shoichiro Toyoda and a grandson of the founder, Kiichiro
Toyoda.

The proposed new president became a director in 2000. Having served as an executive vice-president since 2005, Toyoda took charge of overseas and domestic sales, as well as business operations, in June last year.

The official appointment will be finalised at a board meeting to be held after an annual shareholders' meeting in late June, according to
Jiji.

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