By Michelle Toh, CNNToyota’s longtime president and CEO Akio Toyoda is stepping down and handing over the reins of the world’s largest automaker to Lexus chief Koji Sato. The Japanese company announced the shakeup Thursday, saying that Toyoda would be appointed chairman of the board as Sato takes over daily management. Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board, the company said. Unlike other automakers that are going all-in on EVs, Toyota has previously said it’s still not convinced that’s the best path forward. However, the carmaker has been investing more than others in developing electric vehicles powered by on-board hydrogen fuel cells, rather than rechargeable batteries.

Source: CNN January 26, 2023 16:51 UTC