Toyota announced on Friday that Chief Financial Officer Kenta will be promoted to President and Chief Executive Officer, effective April 1.

The current President and CEO, Satoshi, will assume the role of Vice Chairman and take on the newly created position of Chief Industry Officer.

Satoshi will focus on the broader industry landscape, while Kenta will concentrate on the company's internal management.

Toyota stated that it needs to strengthen industry collaboration and partnerships beyond the automotive sector, requiring concrete actions and comprehensive reforms to enhance profitability and lower its break-even threshold.