Toyota Names Company Veteran Koji Sato As Chief Exec, Former CEO Akio Toyoda Became New Chair

Toyota Motor Corp TM disclosed plans to revamp its organizational structure effective April 1, 2023, and changes to its Board effective its annual meeting.
CEO Akio Toyoda will resign from his post and become the new Board Chair, succeeding Takeshi Uchiyamada.
Chief Branding Officer Koji Sato will succeed Toyoda as the new CEO. Sato will also seek election as a director at the Board's annual meeting.
Uchiyamada will continue as the director of the Board.
Toyoda is the grandson of the carmaker's founder Kiichiro Toyoda and has served as CEO since June 2009.
Sato joined Toyota in April 1992. He became the Chief Branding Officer in January 2021.
In January, Toyota said it could produce up to 10.6 million vehicles in 2023. However, Toyota flagged supply chain crisis issues and the pandemic resurgence.
Price Action: TM shares closed higher by 0.07% at $146.11 on Wednesday.