Toyota Motor Corp. (7203) will cut its board to 11 members from 27, the Nikkan Kogyo Shimbun reported.
Executive Vice President Yoichiro Ichimaru will become an auditor, Vice Chairman Katsuaki Watanabe adviser and Vice Chairman Kazuo Okamoto president of truck-making affiliate Hino Motors Ltd., the newspaper said. Yoshimi Inaba, president of Toyota Motor North America Inc., will retire, and three managing officers including Toyota Motor Manufacturing Canada Inc. Chairman Ray Tanguay will be promoted to a new executive class with operational duties, Nikkan Kogyo said.
Excluding Ichimaru, Toyota will retain five executive vice presidents, the newspaper said.
The changes will be subject to shareholder approval in June, the report said.
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