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Toyota Motor
announced Friday that Chief Executive Officer Koji Sato will step down and be replaced by its Chief Financial Officer, Kenta Kon, marking the automaker’s second CEO transition in three years.
The leadership shakeup will take effect on April 1, with Sato assuming the position of vice chairman and a newly created role as chief industry officer.
“Under this new leadership structure, Sato will focus on the broader industry, including Toyota, as Vice Chairman and CIO, while Kon will focus on internal company management as President and CEO,” the company said in a statement.
