Toyota Motor Corp., which just announced its worst earnings outlook ever, is expected to appoint Executive Vice President Akio Toyoda as president when Katsuaki Watanabe steps down in the spring, sources said Tuesday.
Akio Toyoda, 52, is the great-grandson of the late Sakichi Toyoda, who founded the Toyota Motor group, and is the eldest son of honorary Toyota Chairman Shoichiro Toyoda, 83.
He would be the first Toyota president from the founding family since 1995, when Tatsuro Toyoda, 79, retired from the post, and the sixth founding family member to hold the post. Tatsuro Toyoda is currently an adviser to the automaker.
The expected appointment is widely seen as aimed at weathering what Watanabe has called "an unprecedented emergency situation" by relying on the prowess of the founding family that built up the corporate group, the sources said.
Toyota is expecting to eke a net profit for the fiscal year ending in March as it racks up its first operating red ink since it began reporting such numbers in 1941.
The only other time it has had an operating loss was unofficial, in 1938, a year after its founding.
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F1 team faces cuts
Toyota will scale back costs on Formula One racing but is vowing not to drop out despite expectations it will record its first yearly operating loss in seven decades.
Toyota Motor Corp. President Katsuaki Watanabe did not give details on how the automaker would cut spending in F1. Toyota has not had a Formula One victory in seven years.
"To keep it up at the current level is extremely difficult," he said Monday at Toyota's Nagoya office.
Watanabe said F1 was a good way to attract young people.
Source: The Japan Times
Akio Toyoda, 52, is the great-grandson of the late Sakichi Toyoda, who founded the Toyota Motor group, and is the eldest son of honorary Toyota Chairman Shoichiro Toyoda, 83.
He would be the first Toyota president from the founding family since 1995, when Tatsuro Toyoda, 79, retired from the post, and the sixth founding family member to hold the post. Tatsuro Toyoda is currently an adviser to the automaker.
The expected appointment is widely seen as aimed at weathering what Watanabe has called "an unprecedented emergency situation" by relying on the prowess of the founding family that built up the corporate group, the sources said.
Toyota is expecting to eke a net profit for the fiscal year ending in March as it racks up its first operating red ink since it began reporting such numbers in 1941.
The only other time it has had an operating loss was unofficial, in 1938, a year after its founding.
------------------------------------------------------------------
F1 team faces cuts
Toyota will scale back costs on Formula One racing but is vowing not to drop out despite expectations it will record its first yearly operating loss in seven decades.
Toyota Motor Corp. President Katsuaki Watanabe did not give details on how the automaker would cut spending in F1. Toyota has not had a Formula One victory in seven years.
"To keep it up at the current level is extremely difficult," he said Monday at Toyota's Nagoya office.
Watanabe said F1 was a good way to attract young people.
Source: The Japan Times
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