Toyota to change president after first-ever annual loss- Japan daily

The change in top management is aimed at improving business performance, Asahi said. Current President Katsuaki Watanabe, who has headed Toyota since June 2005, will become vice chairman, Reuters quoted the paper as saying.

 

The report did not cite sources. A Toyota spokesman said nothing had been decided.  Â

 

The world's biggest automaker forecasted Monday a first-ever annual operating loss, blaming a relentless sales slide and a crippling rise in the yen in what it said was an unprecedented crisis in its 70-year history.

 

Automakers around the world face their toughest business environment in recent memory, caught in a sharp reversal of demand as the financial crisis spreads, squeezing credit and consumer sentiment.

 

Toyota cut its group operating forecast to a loss of 150 billion yen ($1.7 billion) for the year to end-March, after shocking financial markets last month by slashing its group operating profit forecast by 1 trillion yen to 600 billion yen.

 

Toyoda, a grandson of company founder Kiichiro Toyoda, has been responsible for the firm's Japanese and overseas operations.

 

This is the first time in almost 14 years that a member of the founding Toyoda family would hold the company's presidency, Asahi said.

 

Toyoda is scheduled to attend a news conference on Thursday in Tokyo to jointly launch a car with Daihatsu Motor Co.