Toyota Announces Founder's Grandson as New President

Akio Toyoda

Toyota Motor has named Akio Toyoda its next president. Toyoda, 52, is the grandson of company founder Kiichiro Toyoda. He will take over for current chief Katsuaki Watanabe in June, becoming the first member of the Toyoda family in charge since 1995.

Akio Toyoda will hold the reigns at a hazardous time for the company. Expected to post their first annual fiscal loss in 71 years, Toyota sales dropped four per-cent for the 2008 calendar year. The global economy is the worst in recent memory, with several countries finding themselves in recession.

The United States, Toyota's largest market, auto sales are down substantially. Toyota sales dropped 16% in that country alone. In Japan, the value of Toyota stock has dropped nearly 52% since February 2008.

Shares of Toyota, traded on the Tokyo Stock Exchange, ended up 1.3%, closing at 3,100 yen, according to Bloomberg News.

Source: Toyota and bbc.co.uk

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Xanavi23

Toyota is my favorite car company so while this has me worried about a change in top dog, i think we can rest assured the young gun knows the market well enough to do quite well with the Job.

January 20, 2009 7:43 pm

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isaacarus

honestly with a company like toyota i wouldnt worry baout them coming through this "recession", its the smaller niche companies and new entrants id be more worried about. over the coming year it could be a good chance for the big fish to pick up some cheap intellectual property and possible patents...?

January 21, 2009 3:56 am

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darzav

The company will bounce back and remain on top. Their company produces briliant cars for the luxury seekers with Lexus and the daily users in Toyota. Problem with Lexus is they dont appeal that much in the asian market. Here in malaysia, they cost more than its German rivals. Whats amazing is, Infinity, Acura, and the other Japanese luxuy marque's arent sold here. Seems like they are consentrating so much on the european and american market, that asia is forgoten...

January 21, 2009 6:07 am

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