Toyota CEO and President Akio Toyoda to step down

Akio Toyoda, president and CEO of Toyota Motor Corp.Kiyoshi Ota | Bloomberg | Getty ImagesToyota Motor Company’s President and Chief Government Akio Toyoda will step down from his publish on April 1, to get replaced by present Chief Branding Officer Koji Sato, the Japanese automaker stated Thursday.Toyoda will develop into the brand new chairman of the board, whereas the present Chairman Takeshi Uchiyamada will proceed as a member of the board.associated investing newsToyoda, 66, is the grandson of the carmaker’s founder and has served as chief government since June 2009.”I assumed one of the best ways to additional Toyoda’s transformation could be for me to develop into chairman in help of a brand new president, and this has led to right now’s determination. Chairman Uchiyamada has lengthy supported me in all conceivable methods,” Toyoda stated in a webcast.”Looking back, these 13 years have been a interval of struggling to outlive sooner or later after the subsequent, and that’s my trustworthy feeling,” he added.Tokyo-listed shares of Toyota ended the session 0.63% decrease Thursday forward of the announcement.— CNBC’s Jihye Lee contributed to this story