born 3 May 1956 is a Japanese business executive who is the chairman of Toyota Motor Corporation. He was previously the company's president and chief executive officer (CEO).[ Toyoda New President CNN] Toyoda is a great-grandson of the industrialist, Sakichi Toyoda, and a grandson of both the founder of Toyota Motors, Kiichiro Toyoda, and the founder of the Takashimaya department stores corporation, Shinshichi Iida.
On 1 April 2023, Toyoda stepped down as Toyota president and became chairman of the board.
Early life and education
Toyoda is the great-grandson of the Toyoda Automatic Loom Works founder
Sakichi Toyoda, and grandson of
Toyota founder
Kiichiro Toyoda. He was born 3 May 1956, in
Nagoya, to
Shoichiro Toyoda and Hiroko (née Mitsui). Toyoda's family line have long dominated the upper management of the family businesses since the days his carpenter-farmer great-great-grandfather, Ikichi Toyoda, taught his son fabrication and carpentry. Akio Toyoda was the chief contender for the family business when Katsuaki Watanabe was reassigned as Vice-Chairman in the wake of the quality control crisis.
[Shirouzu, Norihiko and John Murphy. "Toyota to Change Leader Amid Global Sales Slump," Wall Street Journal. 24 December 2008.][Kubo, Nobuhiro and Chang-Ran Kim. "Toyota confirms Akio Toyoda as New President," Reuters (UK). 23 June 2009, retrieved 20111-04-22]
Toyoda completed his undergraduate degree in law at Keio University and was awarded his Masters of Finance at Babson College, Massachusetts.
Career
As grandson of the company's founder, Toyoda joined Toyota's board of directors in 2000.
[ "Akio Toyoda" (profile), Forbes (US). Retrieved 22 April 2011] In 2005, Toyoda was promoted to the position of executive vice president.
[Hasegawa, Yōzō. (2010). ] In January 2009, it was announced that Toyoda was chosen as the forthcoming president of the company.
[Rowley, Ian. "It's Official: Toyota Scion to Be New Chief," Business Week. 20 January 2009.] On 23 June 2009, he was confirmed as the new president, along with four new executive vice presidents and eight new board members.
[Chartered Management Institute blog: "Akio Toyoda to Continue the Toyota Way," 23 June 2009. Retrieved 22 April 2011] The previous president and CEO Katsuaki Watanabe became
vice chairman, replacing Katsuhiro Nakagawa.
[ "Toyota Names Akio Toyoda as Next President," UPI (US). 9 January 2009. Retrieved 26 April 2011.]
In 2012, he was named Autocar's Man of the Year.
Master driver "Morizo"
As an avid auto racing fan and driver himself, Toyoda has participated in several auto races under the
pseudonym Morizo Kinoshita.
At the 2009 24 Hours of Nürburgring, he finished 81st overall and third in class in a Lexus IS F, and 87th overall and fourth in class with a
Lexus LF-A.
At the 2014 24 Hours of Nürburgring, he finished 13th overall and first in class with a Lexus LF-A.
At the 2019 24 Hours of Nürburgring, he finished 40th overall and third in class with a Toyota GR Supra GT4.
In 2016, Toyoda approved the project that would result in the GR Yaris; during the development of that car, Toyoda (as Morizo) served as a test driver. Morizo crashed the first test car during a mid-winter test drive at a Hokkaido track; after exiting the car on his own, he remarked that he did not "like the feel of it". As Morizo, Toyoda continued to drive development prototypes, and since the car's release, has campaigned the car in races.
Toyota global recalls and Congressional Statement
, set to compete in the 2017 WRC season, at the 2016 Paris Motor Show. On the left is Akio Toyoda, CEO of Toyota Motor Corporation, next to four time World Rally Drivers' Champion
Tommi Mäkinen]]
In the wake of massive global recalls ballooning to 8.5 million vehicles, Toyoda was invited to testify before the U.S. Congress on 17 February 2010,
which he accepted. A week later, he issued a prepared statement to the Congress.
[ "Toyota president Akio Toyoda's statement to Congress," The Guardian (UK). 24 February 2010. Retrieved 22 April 2011] He focused on three key issues: Toyota's basic philosophy regarding quality control, the cause of the recalls, and "how we will manage quality control going forward".
On 24 February 2010, accompanied by president and COO of Toyota Motor North America, Yoshimi Inaba, Toyoda testified before the House of Representatives' Oversight and Government Reform Committee. As the scion of a family known for their contributions to automated manufacturing, Toyoda was personally affected by the quality control crises.
In his comments he is quoted as being "deeply sorry" and highlighted the relations between Toyota vehicles in the
United States and Americans for fifty years.
[Raum, Tom and Ken Thomas. "Toyota CEO Akio Toyoda To Congress: 'I'm Deeply Sorry'," Huffington Post (US). 24 February 2010. Retrieved 22 April 2011; "Toyota president testifies before Congress," CNN (US). 24 February 2010. Retrieved 22 April 2011]
Direction of Toyota
At a press event held on 14 December 2021, Toyota unveiled multiple concept cars with battery electric drivetrains, a sign of faith in the future of the technology.
In a later interview, he said "“People are finally seeing reality."
assessed his bet on hybrid vehicles is how the company achieved its 2023 profit of 4.9 trillion yen—the highest in the company's history.
Also in 2023, Toyoda stepped down from his role as CEO to become chairman.
Family tree
Notes
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Hasegawa, Yōzō. (2010). Rediscovering Japanese Business Leadership: 15 Japanese Managers and the Companies They're Leading to New Growth. Hoboken, New Jersey: Wiley. ; OCLC 435422498
https://global.toyota/en/company/profile/executives/koji_sato.html
