It's Official: Toyota Scion to Be New Chief

After weeks of rumors, Toyota (TM) on Jan. 20 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 shake-up, 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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