Toyota to Promote CFO Kon to President

Tokyo, Feb. 6 (Jiji Press)--Toyota Motor Corp. said Friday it will promote Chief Financial Officer Kenta Kon to president and chief executive officer, replacing Koji Sato, who will step aside to become vice chairman.

This is the leading Japanese automaker's first leadership change in three years and aimed at strengthening its earning power by improving its profit structure and reducing costs, amid headwinds from U.S. President Donald Trump's tariff policy.

"Even if the environment is severe, we must make profits and continue our business," Kon said at a press conference in Tokyo on Friday. "We will create a structure that allows us to stand on our feet during difficult times."

Kon, who has long worked in the accounting field, will become Toyota president on April 1 and is expected to be formally approved as a representative director at a shareholders' meeting in June.

Toyota Chairman Akio Toyoda, a member of the founding family, will retain his post.

[Copyright The Jiji Press, Ltd.]