Toyota promotes finance chief Kenta Kon as CEO in second leadership change in 3 years

Toyota Motor It announced Friday that Chief Executive Officer Koji Sato will step down and be replaced by Chief Financial Officer Kenta Kon, marking the automaker’s second CEO transition in three years.

The leadership change will take effect April 1, with Sato assuming the position of vice president and the newly created role of industry chief.

“Under this new leadership structure, Sato will focus on the broader industry, including Toyota, as Executive Vice President and CIO, while Kon will focus on internal management as President and CEO,” the company said. expression.

Further board changes are planned for June 2026, with Kon joining as a director and Sato resigning from his board seat. Sato was appointed CEO in 2023, replacing Akio Toyoda.

Toyota said the leadership change aims to accelerate decision-making in the face of industry challenges and support its transformation into a more diverse mobility company.

Toyota is increasing the push towards electric vehicles, including EVs and hybrids.

This was reflected in its earnings, also released on Friday, which showed that electric vehicles accounted for almost half of retail vehicle sales in the first three quarters of the fiscal year.

Sales were driven by strong demand for hybrid vehicles in regions such as North America and China.

Toyota raised its full-year operating profit forecast by 11.8%, citing yen weakness and cost cuts that will help offset the impact of U.S. tariffs.

Shares traded up 1.5% on Friday following the news.

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