Toyota’s CEO Akio Toyoda is stepping down from his position and assuming the role of chairman after over 13 years in charge, the company announced on Thursday, amid plans to transition to electric vehicles.
Toyoda, 66, is the grandson of Toyota’s founder and has led the company since 2009. He will resign on April 1 and be succeeded by Koji Sato, president of Toyota’s luxury brand Lexus, the company said in a statement.
