Lexus chief executive to take over Toyota as founder's grandson quits

The succession announcement was broadcast on a webcast through the automaker's Toyota Times channel

Toyota’s chief executive officer Akio Toyoda will step down as head of the company his grandfather founded, the automaker said on Thursday, handing over to the leader of its Lexus luxury brand as the Japanese giant struggles to meet the shift to electric vehicles.

The 53-year-old chief branding officer and president of Toyota Motor Corp’s Lexus brand, Koji Sato, will take over from April 1 when Akio Toyoda becomes chairman, it said.

The issue of who would take over the top spot at Toyota - Japan’s biggest company and one of the world’s most influential manufacturers - has been an increasing focus