Tuesday January 20, 06:01 AM
Toyota says to reshuffle top management
TOKYO (AFP) - Japan's Toyota Motor (Frankfurt: 853510 - news) said Tuesday that it would reshuffle its top management, amid reports that it will turn to a grandson of its founder to rescue the company from its biggest ever crisis.
The company said it would name its new top management at a press conference later in the day.
According to Japanese media, Toyota will promote executive vice president Akio Toyoda to president. He would be the first member of the founding family in 14 years to take the post.
Japan's Kyodo News reported that Toyoda would become president in late June.
Toyoda, who has long been groomed for the top job, would take over at a crucial time.
The company, famed for its efficient production methods, expects its first-ever operating loss this financial year due to the economic crisis.
Toyota said Tuesday its global sales fell four percent in 2008, the first drop in a decade, as demand slumped in recession-hit markets such as Japan, Europe and the United States.
Toyota said it sold 8.97 million vehicles last year, including its subsidiaries Daihatsu Motor Co (Munich: 857493 - news) . and Hino Motors Ltd (Munich: 853852 - news) .
It was the first decline since 1998, a company spokeswoman said.
The automaker's current chairman and president both come from outside the founding family but the Toyodas still wield influence, despite owning less than a one percent stake.
Toyoda, 52, is the grandson of Kiichiro Toyoda -- who founded the automaker in 1937 -- and the son of former president Shoichiro Toyoda.
Akio Toyoda became a board member in 2000 and was made an executive vice president in 2005, taking charge of Japanese sales and overseas operations.
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