Akio Toyoda steps back as Toyota CEO, to become Chairman

Koji Sato named as Toyoda's successor

The man with the pseudonym “Morizo” will no longer be the president and CEO of Toyota Motor Corporation.

The Japanese auto giant has announced its executive management changes for the year 2023 along with its Board of Directors, which will take effect on April 1, 2023.

As mentioned, Akio Toyoda is taking a step back and will be placed in a much more relaxed role in the company as the Chairman of the Board of Directors. The current chairman, Takeshi Uchiyamada has stepped down but will remain a member of the board.

Succeeding Toyoda will be 53-year-old Koji Sato, who is currently the Operating Officer, Chief Branding Officer as well as president of Lexus International and the Gazoo Racing company.

During Toyoda's time as president, Toyota went through a period of major change which led to the establishment of the Gazoo Racing performance brand as well as the promise of making ever-better cars.

This will mark the first time since June 2009 that Toyota will have a new chief executive. Considering the achievements of Toyota under the tenure of “Morizo” as well as the shift towards electrification, Koji Sato will have big shoes to fill.