Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Toyota names new president

Japanese automaker reshuffles ranks after posting drop in 2008 sales.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

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. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Black Friday 2015 in pictures Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More
Driving the ultimate in '50s Mercedes-Benz style The SC was the car that re-introduced Mercedes-Benz as a global luxury car icon. More
Driving the world's first car Driving a replica of the 1886 Benz Patent Motorwagen, the first internal combustion automobile. More