Toyota Motor on Tuesday named as its next president, Akio Toyoda, the grandson of the company’s founder, returning leadership to the founding family to steer the Japanese auto giant through its roughest downturn in more than 70 years.
The appointment of Mr. Toyoda, 52, was widely expected as part of a management reshuffling at the company, which faces its first full-year operating loss since his grandfather started the company in 1937. The last family member to lead the company was his uncle, Tatsuro Toyoda, who stepped down in 1995.
Mr. Toyoda will take over as the company vies with General Motors to become the world’s largest automaker but also as it struggles to overcome the sudden and steep drop in the global market. He must also convince skeptics that a member of the Toyoda family, which now owns less than 2 percent of the company, should even hold the post.
The younger Mr. Toyoda will succeed Katsuaki Watanabe, who will become vice chairman. Fujio Cho will remain as chairman.
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