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Toyota founder’s grandson will replace CEO by June

 
8 3,978 views Jan 20, 2009

Toyota’s management reshuffle comes as the carmaker announces its first sales decline in 10 years

Toyota’s management reshuffle comes as the carmaker announces its first sales decline in 10 years

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Following Toyota’s shock announcement recently that the company is expecting to post a ¥150 billion ($1.7 billion) loss for the year ending March 2009, comes an official announcement that Akio Toyoda, the 52 year-old grandson of Toyota's founder Kiichiro Toyoda, will step into the role of CEO in June. Toyoda will replace current chief Katsuaki Watanabe, who will step down to the more advisory role of vice chairman.

Toyoda will be the first member of the family in 14 years to become the company's chief. Tatsuro Toyoda was the last president from the founder's clan.

Toyota also announced today that its global sales fell 4% to 8.972 million units in 2008, marking the carmaker’s first sales decline in 10 years.

In order to cut costs as much as possible, Toyota may have to delay launching new models, lashing research and development costs and extricating itself from non-essential activities, such as motorsport. The company has also cut its global vehicle sales forecast 8.5% to 7.54 million for the year ending March 31. It also lowered its North America sales estimate by 10% to 2.17 million vehicles.

Despite the grim financial news, there is some hope, especially for performance fans. Toyoda was heavily involved with development of the Lexus IS-F, even donning a racing suit and getting behind the wheel during high-speed testing, and he’s previously expressed a desire to bring back Toyota sports cars like the Celica and Supra.



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Comments (8)

  1. ma_HECTOR avatar HECTOR Posted: 12/23/2008 4:17pm PST

    Man... it sucks to be that guy. Ford or GM lose $13B in one year and no one blinks and the senior management remains. Both those companies would call a $1.7B loss a good year
     
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  2. ma_NoNameDenton avatar NoNameDenton Posted: 12/23/2008 4:45pm PST

    Man has one bad year and loses his job? Not to mention the global economy is tanking, that means it is not his fault.
     
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  3. ma_mtema99 avatar mtema99 Posted: 12/23/2008 11:57pm PST

    is that Akio Toyoda the one that is behind lexus is-f
     
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  4. ma_Edward avatar Edward Posted: 12/26/2008 6:27am PST

    He won't be forced to resign, he'll be forced to commit suicide.
     
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  5. ma_JSH avatar JSH Posted: 1/9/2009 7:18am PST

    Toyota hasn't lost money since the 30's so it is a very big deal for them to lose money. Watanabe also has been responsible for Toyota's rapid expansion in the truck and SUV market in the US, and drive to be the largest manufacturer in the world. Both of these decisions are coming back to haunt them.

    It is not all bad. He is getting a "window job" which means cool title, full pay, and no responsibility. The former president of the Japanese company I worked for went back to Japan after his stint as president and spent all his time tending an elaborate garden while still earning his full salary.
     
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  6. ma_mtema99 avatar mtema99 Posted: 1/10/2009 4:43am PST

    i think Akio Toyoda 'll be a winner with his passionate thinking

    and i think he 'll revive the MR-S , Celica , Supra even the GT2000

    his idea is cars with souls and that's what toyota need specially at this moments

    and he 'll maintain to have the same number manufactured with high or even the higher ever built quality again

    that's his strategy and that's the time need

    so Kudos 4 Akio Toyoda
     
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  7. ma_SuperSkyline89 avatar SuperSkyline89 Posted: 1/10/2009 10:44am PST

    Wow, they're serious about profits, maybe if the Americans were this serious they wouldn't be so deep a shithole.

    Either way, they spent so much damn money on F1 and for nothing. They never should have bothered, just stick to NASCAR, apparently they're pretty good at that.
     
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  8. ma_shynna50 avatar shynna50 Posted: 3/24/2009 1:11am PDT

    To incoming ceo AKIO TOYODA
    From value customer
    Subject custmer relation

    Dear sir I can't beleive your company cannot solve problems
    concerning custmers attutide toward Toyota. In this ecomonic
    times, I think it very important that coporations and business remember the basic, customers are inportant. Paying attention to the small problem keep them from becoming big problem, it th sultle issue that we miss that lead to the decline of relationship with the customers. Mr Toyoda I experienced this
    personally with your customer relation department, the problem is most company have people capable of solving the issue.
    Payment correction policy is not effective there should be a better resolution for solving this issue than the one in place.
    Thank you for consideration concerning ths matter.
     
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