Toyota Realigns Executive Positions

Toyota Motor Corp. announced a major executive reshuffling aimed at helping the leading Japanese auto maker navigate drastic changes in the global auto industry. Fujio Cho, an executive who ran Toyota’s U.S. production arm for six years, was named president of the company, succeeding Hiroshi Okuda. Okuda will remain as chairman, a post similar to chief executive in the U.S. Okuda said Cho is well-suited to lead Toyota during these “turbulent times” of consolidation in the industry. Cho, 62, who joined Toyota in 1960 and is now executive vice president, served as president of Toyota Motor Manufacturing in the U.S. from 1989 until 1994. The changes will become effective in late June. Shoichiro Toyoda, a member of the auto maker’s founding Toyoda family and the current chairman, will become honorary chairman.