Toyota Motor Names Akio Toyoda Chairman, Koji Sato President And CEO

Japanese automajor Toyota Motor Corp. (TMC) announced Thursday that Akio Toyoda will be appointed as the new Chairman of the Board of Directors and Koji Sato as the new president, and Chief Executive Officer. Sato will also be appointed as the member of its Board.

Further, Takeshi Uchiyamada will resign from his post as Chairman of the Board of Directors, and will remain a Board member.

The company intends to implement changes to its executive structure effective April 1, and changes to its Board of Directors effective the date of its 119th Ordinary General Shareholders' Meeting.

Toyoda is currently the company's President, Board Member, Chief Executive Officer and operating Officer. Sato is currently the company's operating officer, Chief Branding Officer, Lexus International Co. President, as well as GAZOO Racing Company President.

In Japan, Toyota Motor shares were trading at 1,893 yen, down 0.63 percent.

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