In an effort to slow the crash, Toyota Motor Corp. is undertaking a massive overhaul and management reorganization next month when Akio Toyoda takes over as president. Toyoda, the grandson of Toyota's founder, will be officially appointed on June 23 at the annual shareholder's meeting. With the new president in place, the Financial Times is reporting that the company will replace 40% of its senior managers and bring back Yoshimi Inaba, a former senior executive, to lead U.S. operations.

While the Japanese automaker is reportedly working on slashing costs by $8.22 billion, it reported the first operating cost in its 71-year history last week. As further evidence of the company's struggle in today's marketplace, Toyota's net loss of $7.87 billion in the latest quarter exceeding even GM's net loss of $5.97 billion during the same period.

[Source: Automotive News - Sub. Req. | Source Image: Kazuhiro Nogi/AFP/Getty Images]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X