CEO, executive shake-up reflect difficulties of EV era
Toyota's departing CEO implied that in order to survive the encroaching era of electric vehicles, others following his footsteps shouldn't do things the way he did.
Toyota Motor Corporation (TMC) announced February 13 that it intends to implement changes to its executive structure and senior professional/senior management employees effective March 1 and April 1, 2023; including the change at the top that bumps Koji Sato into the position.
Toyota's new CEO, Koji Sato (center).—Toyota photo
In doing so, outgoing CEO Akio Toyoda, who navigated the 2008 financial crisis and everything since, told his successor Koji Sato "don't be like me". He elaborated by saying that the changes in the industry seem to require a more group-oriented approach.
Toyoda will take a new position on the Board of Directors as he transitions out of the chief executive spot. The company's moves also include putting its Lexus EV line at the forefront of its priorities for the coming year, a Toyota press release said.