Report: Toyota founder’s grandson to replace CEO by June

>> Saturday, January 10, 2009

Following Toyota's shock announcement recently that the company is expecting to post a ¥150 billion ($1.7 billion) loss for the year ending March 2009, comes a new report that claims current CEO Katsuaki Watanabe may be replaced by June of this year. The news comes from Japan's Nikkei daily, which reports that current vice president Akio Toyoda will move into the top spot. Toyoda is the 52 year-old grandson of Toyota's founder Kiichiro Toyoda, and if given the top spot he would be the first member of the family in 14 years to become the company's president.

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