TOKYO — Toyota Motor Corp. said Thursday that its CEO and president, Akio Toyoda, will become chairman. He will be replaced as CEO by the automaker’s chief branding officer, Koji Sato.

Toyota announced the leadership reshuffle without any forewarning, but it had a lively promotional video prepared to highlight Toyoda and Sato’s love for electric vehicles and fast cars.

Sato, 53, has been managing the Toyota group’s Lexus brand operations and motor racing.

Source link