Toyota’s Management Changes
Toyota has appointed its executive vice president, Katsuaki Watanabe, as its new president.
Watanabe led Toyota’s cost cutting program which reduced the cost of parts and procurement expenses.
Fujio Cho who is currently president of the copmany will be become vice chairman.
The company said that Hiroshi Okuda will remain Toyota’s chairman and Senior Managing Director Akio Toyoda will become an executive vice president.
According to a New Ratings article,
” In a rejuvenation of the top management team, Toyota Motor has decided to retire all five of its other vice presidents, promoting eight senior managing directors to the vice presidency level. This development would push the vice presidents’ average age down by 8 years to 58.
Toyota Motor posted record sales and profits under Cho’s leadership and emerged as the number two automaker in the world, surpassing Ford Motor of the United States.”
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