Toyota names new CEO as competition heats up

Big shoes: In this file photo, Toyoda is seen gesturing at a briefing on EV battery strategies at the company’s showroom in Tokyo. His choice to remain as chairman will help maintain the company’s business strategy and continuity. — AFP

TOYOTA Motor Corp will elevate the head of Lexus to replace long-time chief executive officer (CEO) Akio Toyoda, who steered his grandfather’s carmaker to the top of the automotive ranks while leaving a lane open for Tesla Inc to lead in fully electric vehicles (EVs).

Koji Sato, Toyota’s chief branding officer and head of its luxury-car division, will take over as CEO on April 1.