Toyota promotes finance chief Kenta Kon as CEO in second leadership change in 3 years

Toyota Motor announced Friday that Chief Executive Officer Koji Sato will step down and be replaced by its Chief Financial Officer, Kenta Kon, marking the automaker’s second CEO transition in three years.

The leadership shakeup will take effect on April 1, with Sato assuming the position of vice chairman and a newly created role as chief industry officer. 

“Under this new leadership structure, Sato will focus on the broader industry, including Toyota, as Vice Chairman and CIO, while Kon will focus on internal company management as President and CEO,” the company said in a statement. 

Further board changes are also planned for June 2026, with Kon joining as a director and Sato resigning from his board seat. Sato had been appointed CEO in 2023, succeeding Akio Toyoda.

Toyota said the leadership change aimed to speed up decision-making amid industry challenges and bolster its transformation into a more diversified mobility company.

Toyota has been increasing leaning into electrified vehicles, including EVs and hybrids.

That was reflected in its earnings, also announced on Friday, which showed that electrified vehicles have accounted for nearly half of its retail vehicle sales in the first three quarters of its fiscal year.

Sales were driven by strong demand for hybrid vehicles in regions such as North America and China.

Toyota raised its full-year operating profit forecast by 11.8%, citing a weak yen and cost reductions to help offset the impact of U.S. tariffs.

Shares were trading up 1.5% on Friday following the news.

This is breaking news. Please refresh for updates