Toyota CEO Akio Toyoda to become Chairman, Koji Sato named new CEO

Toyota on Thursday named Koji Sato as its new President, CEO, and Operating Officer, replacing Akio Toyoda, who will become Chairman. Representative Director Takeshi Uchiyamada will drop his Chairman title, the company said. Toyoda, the grandson of the Japanese carmaker's founder, became CEO in 2009 and oversaw the company's rise to become the world's largest automaker.