VH_Supra26
01-09-2009, 09:56 AM
by Kenneth Hall
http://www.motorauthority.com/content/thumbs/t/o/toyota_logo_main630_01-1223-636x360.jpg
Japanese media have reported that Toyota president Katsuaki Watanabe may be replaced as early as June
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. Tatsuro Toyoda was the last president from the founder's clan.
Arrangements have been made to give Watanabe a more advisory role of vice chairman, the newspaper said without citing sources. The management reshuffle is likely to be endorsed by Toyota's top executives as early as next week, with official approval expected by the board in June.
A company spokeswoman has declined to confirm the report, only saying: "Nothing has been decided."
Speaking at last month’s profit warning, Watanabe explained that the tough economic environment was the main reason for the poor results. “We’re facing an unprecedented emergency situation. Unfortunately, we can’t see the bottom,” he told reporters.
In order to cut costs as much as possible, Toyota may have to delay launching new models, lashing research and development costs and extricating itself from non-essential activities, such as motorsport. The company has also cut its global vehicle sales forecast 8.5% to 7.54 million for the year ending March 31. It also lowered its North America sales estimate by 10% to 2.17 million vehicles.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/toyota-denies-reports-that-ceo-may-be-ousted.html
http://www.motorauthority.com/content/thumbs/t/o/toyota_logo_main630_01-1223-636x360.jpg
Japanese media have reported that Toyota president Katsuaki Watanabe may be replaced as early as June
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. Tatsuro Toyoda was the last president from the founder's clan.
Arrangements have been made to give Watanabe a more advisory role of vice chairman, the newspaper said without citing sources. The management reshuffle is likely to be endorsed by Toyota's top executives as early as next week, with official approval expected by the board in June.
A company spokeswoman has declined to confirm the report, only saying: "Nothing has been decided."
Speaking at last month’s profit warning, Watanabe explained that the tough economic environment was the main reason for the poor results. “We’re facing an unprecedented emergency situation. Unfortunately, we can’t see the bottom,” he told reporters.
In order to cut costs as much as possible, Toyota may have to delay launching new models, lashing research and development costs and extricating itself from non-essential activities, such as motorsport. The company has also cut its global vehicle sales forecast 8.5% to 7.54 million for the year ending March 31. It also lowered its North America sales estimate by 10% to 2.17 million vehicles.
All Content Copyright 2006-2008 Motor Authority
http://www.motorauthority.com/toyota-denies-reports-that-ceo-may-be-ousted.html