Japanese car-maker Toyota (TMC) has announced a major shake-up of its leadership structure, with its current president stepping to to be the new chair.
Akio Toyoda has been promoted to the top of the company’s board this morning in wake of Takeshi Uchiyamada’s resignation.
Uchiyamada, the grandchild of the company’s founder, stepped down as the firm struggles to shift towards electrical vehicles, with investors jittery over a slow focus on hybrid technology.
In December of 2020, Toyota launched a new strategy to achieve carbon neutrality in Europe by 2040 at the latest.
Koji Sato, the current chief operating and branding officer, and president of luxury brand Lexus, has been bumped up to chief executive and president.
The appointment will take place formally during the firm’s shareholders’ meeting on 1 April, Uchiyamada will remain on the company’s board.
More to follow