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Akio Toyoda steps into board chairman role, new chief executive appointed

A change of leadership for Toyota Motor Corporation has been announced, and local Toyota
Chief Executive Neeraj Lala honours the leadership of the outgoing CEO, Akio Toyoda.

Akio Toyoda, grandson of the founder of Toyota, has led the multinational automobile company for 13
years and has transformed the company from a mass producer of extremely reliable vehicles to a
mobility technology company, delivering mobility for all.

Mr Lala said Akio has both navigated Toyota through tough times, with the global financial recession
and the COVID pandemic, and has brought back excitement to the marque with driver-focused cars
such as the TOYOTA GAZOO Racing range of sports cars, which were bred from his enthusiasm and
support for motorsports and pure driving pleasure.

“He had the vision to ensure that we focused on all technology powertrains, to meet customer needs
around the globe while still delivering on his promise to make ever better cars with the next
generations of some of our most iconic nameplates. He stands down as President of Toyota in a strong
position and he will be missed,” he said.

Akio Toyota moves up to be Chairman of the company and hands over the baton to Koji Sato, who will
take on the roles of President and CEO. Sato-san is the current boss of Lexus International and
TOYOTA GAZOO Racing and has proven that he is equally focused on producing product that will
continue to take our brand into the future.

“Like Akio, Sato-san is a car lover, through and through. For example, he recently personally purchased
a classic and rare Toyota Corolla AE86 as a car restoration project. He has committed to ensuring that
we continue to demonstrate the commitment to making cars better through concrete actions and
products, such as accelerating the shift to electrification and engaging in car-making that responds to
diverse value and local needs.

“We are excited for what lies ahead for the company,” said Mr Lala.

Koji Sato, who currently serves as Toyota’s operating officer and chief branding officer in addition to
overseeing Lexus, said that his new leadership team would be focused on turning the automaker into
a full-fledged “mobility company.”

Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board. The
changes are set to take effect on April 1.

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