Toyota Motor Corp. said Tuesday that Executive Vice President Akio Toyoda, a member of the founder's family, will be promoted to president in June to lead Japan's biggest automaker amid the global economic turmoil.
Toyoda, 52, a grandson of Toyota founder Kiichiro Toyoda, is taking the helm as the company is poised to become the world's largest automaker. Despite a predicted year-on-year sales fall for 2008, Toyota looks on track to surpass American rival General Motors Corp., which retained the global top position for 77 years in terms of annual sales.
The widely expected appointment of Toyoda must be approved by shareholders in June, the company said. It's the first time in 14 years that a Toyoda family member will take the top post.