Akio Toyoda

Toyota to replace Toyoda as CEO

Toyota named Koji Sato president and CEO on Jan. 26, in a surprise reshuffle that sees third-generation chief executive Akio Toyoda step aside to become board chairman of the world's top-selling automaker.

The Japanese automaker said Sato, 53, would also become operating officer when the changes to its executive structure take effect on April 1.

Toyota loses top-selling automaker crown in 2016

Toyota lost its crown as the world's top-selling automaker in 2016, company figures showed on Jan. 30, with the Japanese giant overtaken by Volkswagen as the industry prepares for an uncertain trade environment under U.S. President Donald Trump.

The German automaker moved back into the top spot despite being hit by a massive emissions cheating scandal that rocked its reputation.