Toyota Motor Corporation announced Friday that Chief Executive Koji Sato will step down from his position and be replaced by the company's Chief Financial Officer, Kenta Kon.
According to Reuters, Sato will transition to the role of vice chairman and chief industry officer. The leadership change comes as the automotive industry faces significant disruption.
In their new roles, Kon will concentrate on internal company management while Sato will focus on broader industry matters, the company said in a statement.
Toyota said the restructuring is designed to accelerate decision-making in response to the vast changes sweeping the automotive sector.
Sato was scheduled to hold a press conference at 3:30 p.m. local time (0630 GMT) on Friday to address the transition.
The announcement marks a significant shift in leadership for the world's largest automaker as it navigates evolving market conditions and technological transformation in the automotive industry.