It's Official—Toyota Scion to Become New Chief

After weeks of rumors, Toyota today confirmed that Akio Toyoda, a member of the company’s founding family, is to become its next president. The change, to be rubber stamped after its annual shareholder meeting in June, promotes Toyoda from his current role of executive vice president. As part of the shakeup, current chief Katsuaki Watanabe becomes vice chairman, replacing Katsuhiro Nakagawa who will retire. Toyota Chairman Fujio Cho,who preceded Watanabe as president, keeps his current role.

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