Toyota to promote Sato to CEO, Toyoda to become chairman

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.The move comes as the automaker, which is aiming to expand sales of electrified vehicles in line with its decarbonization goals, has seen fruit in its efforts to improve product competitiveness and profit structure.The current chairman, Takeshi Uchiyamada, 76, will step down but remain a board member.Toyoda, 66, said in a press release that the leadership change was prompted …READ FULL ARTICLE