21/01/2013 05:25:00

Toyota to Choose Vice Chairman As Next Chairman

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TOKYO (Nikkei)--Toyota Motor Corp. (7203.TO) appears set to choose Vice Chairman Takeshi Uchiyamada as its next chairman, the Nikkei reported in its Monday evening edition.

Current chairman Fujio Cho, 75, will likely become a senior adviser.

The Japan Business Federation (Keidanren), meanwhile, plans to appoint Uchiyamada as its vice chairman. It wants to replace its current vice chairman, Katsuaki Watanabe, who now serves as a senior adviser to Toyota.

Toyota group firm Daihatsu Motor Co. (7262.TO) plans to select Executive Vice President Masanori Mitsui, 62, as its new president. Hino Motors Ltd. (7205.TO), also a Toyota group firm, plans to choose Executive Vice President Yasuhiko Ichihashi, 60, as president.

Toyota, Daihatsu, and Hino will finalize these changes at board meetings in June.

Toyota's Uchiyamada, 66, previously led the company's technology department and spearheaded the development of Prius hybrid vehicles. He became executive vice president in 2005 and has played a key role in expanding Toyota's product line-up ever since, particularly its selection of hybrids. In 2012, he became vice chairman.

Daihatsu's Mitsui will be the first company president in 21 years to rise through the ranks of the automaker.

Hino's Ichihashi originally worked for Toyota.

(END) Dow Jones Newswires

January 21, 2013 00:25 ET (05:25 GMT)

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