Toyota Motor Corp. (TM) President and Chief Executive Officer (CEO) Akio Toyoda is resigning from the automaker effective April 1 of this year.
Toyota’s Chief Branding Officer Koji Sato will become the company’s new president and CEO.
Sato, age 53, has most recently led the Toyota Lexis division and the GAZOO racing company.
Akio Toyoda will transition to become the chair of Toyota Motor’s board of directors, while the current Chairman Takeshi Uchiyamada will continue as a member of the board.
Toyoda, age 66, is the grandson of the auto giant’s founder and has served as CEO of the company since 2009.
A pioneer of green automobiles, Akio Toyoda oversaw the introduction of the popular hybrid gas-electric car the “Prius” in 1997.
More recently, Akio Toyoda has faced criticism over the pace at which the automaker is pursuing fully electric vehicles. In December 2021, Toyota announced plans to produce 30 electric vehicle models by 2030.
Sato, who will become Toyota’s new CEO, said in a news release that Toyota must continue its move into electric vehicles, acknowledging that is where the automotive industry is headed.
Toyota’s stock has declined 25% in the last year to trade at $146.15 U.S. per share. The stock has gained 120% since Akio Toyoda took over leadership of the company in 2009.
