Toyota CEO and President Akio Toyoda to step down

Akio Toyoda, president and CEO of Toyota Motor Corp.

Kiyoshi Ota | Bloomberg | Getty Visuals

Toyota Motor Corporation’s President and Chief Government Akio Toyoda will stage down from his write-up on April 1, to be changed by current Main Branding Officer Koji Sato, the Japanese automaker reported Thursday.

Toyoda will become the new chairman of the board, whilst the recent Chairman Takeshi Uchiyamada will proceed as a member of the board.

Toyoda, 66, is the grandson of the carmaker’s founder and has served as chief executive considering that June 2009.

“I considered the most effective way to even more Toyota’s transformation would be for me to turn out to be chairman in help of a new president, and this has led to present day choice. Chairman Uchiyamada has very long supported me in all possible methods,” Toyoda stated in a webcast.

“In retrospect, these 13 a long time have been a interval of having difficulties to endure one particular working day after the next, and that is my straightforward feeling,” he extra.

Tokyo-outlined shares of Toyota ended the session .63% decreased Thursday ahead of the announcement.

— CNBC’s Jihye Lee contributed to this story

— Correction: This article has been updated to reflect that Toyoda was referring to the corporation Toyota when talking about its transformation in the webcast.