Sato will become the new CEO while the current chairman, Takeshi Uchiyamada, will drop his chairman title but remain on the board, Toyota said.
The issue of who would take over from Toyoda, the 66-year-old grandson of the company’s founder, had increasingly been a focus for investors.“I myself was surprised. Ten out of 10 analysts had probably been thinking that Toyoda would carry on for a while, so that came as a huge surprise. I don’t know if now was the best timing for the change.”
“Probably the day-to-day management will not change. Having Akio Toyoda step away from being CEO may increase his symbolism within the company and it may be hard for the young, new president to really show his hand.
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