Current president Katsuaki Watanabe is on his way out as Toyota faces its first projected operating loss in the company's 70-year history. Just like the rest of the world, Toyota sales have slumped and the automaker has had to cut production and lay off temporary workers. Although Toyota remains predictably tight-lipped on the move, it's expected that Watanabe will become a vice chairman, with current chairman Fujio Cho keeping that position. Toyoda has been an executive vice president since 2005, so this "prince" (as the Japanese media call him) should be well-prepared for the job. Thanks for the tip, Jarrett!
[Source: Associated Press]