Okuda held both positions for the past 11 years. Under his leadership, Toyota, already the number one automaker in Japan, has gained enough momentum to surpass U.S. automaker General Motor sometime this year. Besides his duties at Toyota, Okuda is also on several governmental panels in Japan such as the Council on Economic and Fiscal Policy and was chairman of the powerful business lobby Nippon Keidanren until last month.
Vice Chairman Fujio Cho will assume Okuda's position as chairman while Katsuaki Watanabe will assume the office of President. Okuda will continue with Toyota as a director as well as an adviser to Watanabe.
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[Source: The Japan Times]