Toyota Shareholders Approve Founder's Grandson As Head

By: Associated Press Email
By: Associated Press Email

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Tuesday, June 23, 2009

Shareholders of Toyota Motor Corp. have approved the appointment of Akio Toyoda, the grandson of the company's founder, as president.

The approval Tuesday came amid applause at a general shareholders' meeting at company headquarters for the selection of 29 new directors, mostly company executives and current directors.

Japan's biggest automaker is turning to its founding family roots for leadership as it tackles the worst crisis in its history. Last fiscal year, the company lost 437 billion yen, or about $4.6 billion, and it predicts more red ink this year.

Toyoda will replace the outgoing president, Katsuaki Watanabe, who presided over the shareholders' meeting.

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