Toyota scion Akio Toyoda reportedly lined up to replace CEO Watanabe

Could this week get any worse for Toyota CEO Katsuaki Watanabe? Yesterday, Watanabe took the unusual step of announcing a huge profits revision at a year-end press conference which is held every December in Nagoya. It was so unusual, in fact, that Toyota now projects it will make its first ever operating loss in the fiscal year ending March 2009. “The speed, breadth and depth of the downturn is beyond what we had imagined,” Watanabe told reporters.

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