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Kouji Sato, chief branding officer, will become the new CEO, Toyota said. Representative director Takeshi Uchiyamada will drop his chairman title.
The Japanese automaker will hold a news conference at 4 p.m. (7 a.m. GMT) to explain the leadership reshuffle.
At the shareholder meeting in June last year, Toyoda said he was “thinking about timing and the selection of a successor” when asked about succession planning.
