Toyota Motor Corporation (TMC) has announced significant changes to its executive structure and senior management employees. The changes are set to take effect from March 1 and April 1, 2023, and will include changes to the company’s Board of Directors. The restructuring is part of TMC’s efforts to become a mobility company while adhering to the philosophy of the company’s founding.
On January 26, 2023, TMC announced that its Chairman Takeshi Uchiyamada would be resigning his post. As a result, President Akio Toyoda will be appointed Chairman, and Operating Officer Koji Sato will be appointed President, effective April 1, 2023. The company’s new team aims to implement product-centered and region-centered management while valuing the philosophy of the company’s founding.
The new executive structure includes the appointment of a new Chief Executive Officer, Hiroki Nakajima, who will lead the Mid-size Vehicle Company, CV Company, and the Toyota Compact Car Company.
TMC’s three current executive vice presidents will be the frontline leaders to speedily implement the company’s key business themes. These themes are woven accelerating Arene development, Asian strategy, and electrification.
The new management team’s focus will be on three priority business themes, namely electrification, intelligence, and diversification. Under electrification, TMC aims to create cars with energy security in mind and contribute to achieving a carbon-neutral society.
Intelligence will focus on making cars safer, more comfortable, and more enjoyable by making them more interactive. Diversification will see TMC advance car-making that is in tune with regions and meets diverse needs.
The new executive structure will prioritize three business pillars. The first pillar is business reform starting with next-generation BEVs, which will help TMC deliver attractive BEVs to more customers. The second is strengthening TMC’s Woven initiatives, and the third is achieving carbon neutrality in Asia.
It is refreshing to see Toyota recalibrate its strategy and become more aggressive in the EV market, especially after pretending for years that customers were not interested in electric vehicles. The company went so far as to create ads discouraging consumers from buying EVs, as shown in the example below.
