The world¡¯s No. 1 automaker has a new CEO, and the transition of power could not have come at a more pivotal time.
Toyota on Thursday surprised the market when it announced that Lexus President Koji Sato will take over from Akio Toyoda, the grandson of the venerable carmaker¡¯s founder, effective April 1.
While Toyoda will remain as chairman, Sato, a Toyota lifer who joined the company more than 30 years ago, will be tasked with guiding the automaker through what could be the most challenging period in its 86-year history. That¡¯s because as consumers embrace electric cars in ever greater numbers, Toyota is falling behind.
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