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.
