Toyota names new president
Japanese automaker reshuffles ranks after posting drop in 2008 sales.
TOKYO, Japan (CNN) -- Japan's top automaker Toyota reshuffled its leadership Tuesday after posting a 4% decline in sales for 2008, with the grandson of the company's founder becoming president.
Akio Toyoda will replace Katsuaki Watanabe as the company's president in June, the company announced. Toyoda's grandfather, Kiichiro Toyoda, took what was then a textile-equipment company into the automotive business in 1935.
Watanabe will replace the retiring Katsuhiro Nakagawa as Toyota's vice chairman, while the current chairman, Fujio Cho, will remain in place, the company said.
The moves -- which must be confirmed by the company's governing board in June -- follow the release of sales figures showing the company's overall receipts down 4% in 2008. Japanese sales were down 5%, with overseas markets seeing a 4% decline.
Toyota executives warned investors to expect losses in December. Last week, it announced plans to idle all 12 of its wholly owned factories in Japan for an extra 11 days in response to the slumping auto market worldwide. 
-
Steve Jobs revived Apple, defying the worst economic conditions since the Great Depression. More -
Consumers looking to buy electronics for holiday gifts won't have to break the bank this season. More -
Search firm says it will pay the bill for wireless Internet during the holidays. More -
Twitter and LinkedIn hook up, signing agreement to let users share information across both platforms. More -
The search firm is investing heavily in Google Earth, but will its gamble be profitable? Play -
Anne Giapapas has a job in one of the 15 most overworked and underpaid professions. More -
These 5 businesses are offering their services -- from shoes to hair cuts -- to the unemployed. More
