Faced with the possibility of its first ever operating loss, Toyota is said to be considering replacing Katsuaki Watanabe as President and CEO. His job could be filled by Akio Toyoda (pictured), 52, the company’s current executive vice president and grandson of company founder Kiichiro Toyoda, Japan’s Asahi newspaper reported Tuesday.
Watanabe, who has led Toyota since 2005, would become vice chairman, the report claims. Although a final decision has not been made, the change could take place as soon as April. The news comes hot on the heels of Toyota’s disappointing earnings forecast for the fiscal year ending March 2009.
As previously reported, the company announced it is expecting an operating loss of $1.66 billion for fiscal 2008. Last fiscal year, Toyota posted an operating profit of about $25 billion. The loss would be the automaker’s first since it began reporting results in 1941.
If Toyoda takes the helm, it would mark the first time in 14 years that a member of the founding family held the top position at the automaker. He would also be the first Toyota president to have received an education in America. Toyoda was reportedly considered for the CEO job prior to Watanabe’s appointment in 2005.
12/23, 6:18 AM
posted by:
Wolverine
I don’t believe this is the right thing to do. The CEO is not the one to blame for this crisis.
12/23, 9:25 AM
posted by:
christianboy10
Am I missing something?Honda need the new CEO they are the one messing up
12/23, 9:45 AM
posted by:
RaineMan
Toyota definately needs an injection of new life-blood… their cars have become bland and uninspired and their very Americanized truck and SUV divisions have suffered horribly… thus leading to the overall loss this year.
It certainly wouldn’t hurt to have someone at the helm who is more youthful and understands performance. The average Toyota buyer is 50 years old.. what does that tell you about the future of the company?
12/23, 9:53 AM
posted by:
e46Ne90
hah 1 quarterly loss and they are replacing the ceo.? he should come to place called america where consecutive losses are forgiven
12/23, 10:13 AM
posted by:
Borat
I believe the reason is not only quarterly loss. Toyota had an embarrassing year: recalls all over. I think they are on the ball: they don’t wait for the second shoe to drop. In 3 years executive did not achieve his objectives – he is gone. If it would be GM, Ford or ChryCo he would get extra bonus, but not at Toyota.
12/23, 10:14 AM
posted by:
howsmydriving
Toyota needs a Carlos Ghosn but unfortunately, cloning technology is not yet able to reproduce him.
12/23, 11:10 AM
posted by:
jonmiles
WOW: The company has 1 loss in 70 years of doing business that is related to a once in a century worldwide economic meltdown and they are ready to can the CEO.
GM TAKE NOTES.
12/23, 11:28 AM
posted by:
idrinorbarsaku
i think its about time every car company gets a new CEO. everything, besides Audi/VW/Lamborghini(which are ironically pretty much one company) are coming up with new lame designs!
12/23, 12:13 PM
posted by:
JJRRACING
Watanabe THATS HIS NAME… ENOUGH SAID…
12/23, 12:55 PM
posted by:
desertdriver
Toyota: be careful with nepotism. Look what happened when Bill Ford took over several years ago.
12/23, 12:56 PM
posted by:
jackjimturkey
I’ll take the job.
First move, buy GM.
Second move, bring back the Oldsmobile division with vehicles from the faux-luxury division.
Third move, Kill Pontiac and make the solstice a Scion
12/23, 1:33 PM
posted by:
Gundy
When the average buyer age goes up that’s a sign that they’re making quality, RELIABLE vehicles, nothing more. Well, maybe it also means that they’re not making too many “exciting”, sporty vehicles too.. which they aren’t.. ok, point taken. Desertdriver, true. Also look at Suzuki, didn’t an heir take over that company too and it hasn’t gotten any better for them?
12/23, 3:20 PM
posted by:
Struggle
Ah, most dishonorable toyota-san.
Sounds like the same crap Pro Coaches go through.
Oh well, I hate Toyota (except the tacoma) anyway.
12/23, 3:31 PM
posted by:
cereal
HAH!
I would say “GM, take example from this”
Except they’d go through at least ten CEOs in one year.
Hm now. A Toyoda taking over Toyota?
IDEA! Rename it Toyoda and start some design philosophy around a “T” or redesign the brandings…
eh. Not likely. But it’s an idea.
-eat your cereal
12/23, 6:14 PM
posted by:
wbent
I do see paralells to what Ford went through a number of years ago. Jack the Knife Nasser took an extremely strong Ford and cheapened it driving up warranty costs and driving down quality and expanding beyond the core brand. I see Toyota doing the same things. Toyota hasn’t dicked with the dealer body yet. And now a family member will be in charge.
12/23, 8:31 PM
posted by:
andy
how can he make cars, when he cant even see over the steering wheel?
12/24, 10:52 AM
posted by:
idrinorbarsaku
oh i think he can see, he’s got a booster seat!!!!