End of an era! Toyota CEO and president Akio Toyoda steps down after 13 years

Akio Toyoda, the man who has reshaped the world's largest car company over the past 13 years, is stepping down as the president and CEO of Toyota.

The announcement comes as the current Toyota Chairman's pending resignation draws closer, with Mr Toyoda having cited a change in executive leadership as "the best way to further Toyota's transformation".

The 66-year-old has also named his replacement as president to be current president of Lexus and of Gazoo Racing Koji Sato, who Toyoda believes will be best placed to traverse an unpredictable automotive industry in the coming years.

Akio Toyoda also highlighted the difference in his age to that of 53-year-old Sato, calling his comparative youth a strength in a changing industry. Mr Toyoda was also 53 when he became the president of Toyota.

"To promote change in an era in which the future is unpredictable, the head of management must continue to stand on the front lines," Mr Toyoda said when delivering news of the management changes.

"For that, stamina, energy, and passion are indispensable. Being young is itself a key attribute.

"The new team under upcoming President Sato has a mission to transform Toyota into a mobility company. I think that Sato, too, is a carmaker like me.

"He is now the same age I was when I became president. He has youth and like-minded colleagues. I expect this new team to go beyond the limits that I can't break through."

While Akio Toyoda is stepping down from the main role in the company his grandfather started, he will replace outgoing chair of the board Takeshi Uchiyamada, now 76 years old.

Akio Toyoda also highlighted the difference in his age to that of 53-year-old Sato, calling his comparative youth a strength in a changing industry.

Incoming CEO and president Koji Sato is now tasked with continuing the transformation of the world's best-selling car brand into a mobility business that can remain competitive as the auto industry changes.

Akio Toyoda was at the helm for the revamping of Toyota's engineering, with the highly praised TNGA platform now underpinning most of the brand's models, as well as the return of a performance lineup for the brand with a return to Toyota's storied sports cars in the new GR models.

"President Toyoda told me: "Do things your way"," said Mr Sato upon the announcement of his new role.

"My thoughts are now about how to fulfil my role my way in a new management team. When talking about doing things "my way", that means I am an engineer and have long been involved in car-making.

"I love making cars.

"For that reason, I want to be a president who continues to make cars. I would like to show what kind of company Toyota should be through our cars. That's what I want to do.

"Cars that are fun to drive and cars that support mobility. And cars in the future will evolve into the concept of mobility itself."

The management changes will take effect on April 1, 2023.