Toy­ota head re­vamps man­age­ment in bat­tle with GM

The Pak Banker - - 6BUSINESS -

Toy­ota Mo­tor Corp. Pres­i­dent Akio Toy­oda over­hauled his top man­age­ment for a sec­ond straight year, strength­en­ing his con­trol over the world’s largest car­maker to vie with Gen­eral Mo­tors Co. (GM) and Volk­swa­gen AG.

Three of Toy­oda’s seven ex­ec­u­tive vice pres­i­dents will step down, be­ing re­placed by just two peo­ple, the Ja­panese car­maker said in a state­ment to­day. Three out­siders will be added to the board, in­clud­ing former GM group Vice Pres­i­dent Mark Ho­gan, the first for­eigner on Toy­ota’s board since 2007.

Takeshi Uchiya­mada, vice chair­man of Toy­ota Mo­tor Corp., led Toy­ota’s devel­op­ment of the Prius — the world’s best-sell­ing gaso­li­ne­elec­tric car — be­fore he was pro­moted to ex­ec­u­tive vice pres­i­dent in 2005. Fu­jio Cho, chair­man of Toy­ota Mo­tor Corp., was pres­i­dent of Toy­ota from 1996 to 2005 be­fore be­com­ing chair­man in 2006. He will be­come honorary chair­man.

The changes mean Toy­oda, 56, will have re­placed all but one of his top lieu­tenants within a span of two years as he grooms the next gen­er­a­tion of lead­ers at Ja­pan’s largest man­u­fac­turer, founded by his grand­fa­ther in 1937. While the yen’s 7 per­cent de­cline this year is boost­ing earn­ings, the com­pany faces a grow­ing chal­leng from U.S. and Euro­pean au­tomak­ers in mar­kets from China to the U.S.

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