Akio Toyoda, the 66-year-old CEO of Toyota and grandson of the company’s founder, has announced his resignation, saying he feels too old to understand today’s consumer trends. Toyoda transformed Toyota over the past 14 years from a cautious, quality-focused company to a bold and trendy brand appealing to younger consumers.
When he first became CEO, he faced skepticism due to his background in law and business rather than engineering or racing. To gain respect from Toyota engineers, he trained as a race driver and competed under the pseudonym Morizo Kinoshita. His racing success helped promote sports models like the Lexus IS F and LFA. He also played a key role in the development of the GR Yaris and the revival of the Toyota Supra.
Despite his achievements, Toyoda acknowledges that Toyota has been slow to embrace electric vehicles compared to competitors like Tesla and China’s BYD. He believes the company needs younger leadership to stay relevant and meet future challenges.
Toyoda’s replacement is Koji Sato, a loyal insider and former president of Lexus, known for his engineering and innovation skills. Toyoda praises Sato’s dedication to Toyota’s philosophy and his passion for cars. He believes Sato’s youth and energy make him well-suited to lead the company in a rapidly changing industry.
