Toyota to promote Sato to CEO, Toyoda to become chairman

TOKYO. KAZINFORM - Toyota Motor Corp. will promote director Koji Sato to president effective April 1, replacing Akio Toyoda who will become chairman, the automaker said Thursday, marking the first change in leadership in nearly 14 years, Kyodo reports.

Sato, 53, currently oversees the group's Lexus luxury brand operations and Toyota's motorsport brand Gazoo Racing.

Toyoda, 66, who was appointed CEO in June 2009, will remain as a representative director and become chairman of the board of directors.

The move comes as the automaker, which is aiming to expand sales of electrified vehicles in line with its decarbonization goals, is working to improve its products and profit structure.

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