TOKYO—Toyota’s chief executive 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.
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 for investors. But the timing of the announcement was a surprise.
The succession announcement was broadcast on a webcast through the automaker’s Toyota Times channel in what looked more like a stilted talk show with a host rather than a formal corporate announcement….