Toyota Has A New CEO, And He’s Not A Car Guy

• Toyota appointed a new CEO today, ending Koji Sato’s tenure after just three years.
• Sato took over the job from Akio Toyoda, the grandson of Toyota’s founder, in 2023.
• The largest automaker in the world is putting a financial expert behind the wheel for the first time since 2009.

Toyota has a new boss. Koji Sato, who was appointed CEO in January 2023, will step down on April 1. His replacement is Kenta Kon, the company’s current chief financial officer, who is widely regarded as one of the main forces behind the automaker’s impressive profits.

The move marks the beginning of a regime change at the top of the world’s largest automaker, as this is the first time since 2009 that Toyota has appointed someone who is not a car guy at the helm.

As part of the reshuffle, Sato will take on the roles of Vice Chairman and Chief Industry Officer (CIO). Meanwhile, Kenta Kon will become Toyota’s new President and Chief Executive Officer.

According to the Japanese automaker, “under this new leadership structure, Sato will focus on the broader industry, while Kon will focus on internal company management.” Last month, Sato was also appointed the head of the Japanese Automobile Manufacturers Association (JAMA), and has been serving as the Vice Chair of Keidanren (Japan Business Federation) since May of last year.

Yoichi Miyazaki, who is currently Toyota’s Operating Officer (OO), will take Kenta Kon’s role of CFO on April 1, while also retaining his current position.

During Koji Sato’s tenure, the automaker dug deeper into its “multi-pathway” powertrains approach, and it paid off. Toyota went against the trend when other automakers had bet big on EVs, only to face the harsh realities of changing policies and trade barriers. Meanwhile, the Japanese car manufacturer’s shares went up 111% under Sato’s leadership.

That said, Toyota has slowly but surely expanded its portfolio of all-electric vehicles and plans to continue doing so in the coming years.