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Toyota To Announce New President

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Jan 19, 2009 11:45 pm US/Eastern

Toyota To Announce New President

TOKYO (AP) ―

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Toyota says it is announcing a new president Tuesday as it hopes to ride out the biggest crisis in its history.

Japanese media have reported recently that Akio Toyoda, the grandson of the company's founder, has been tapped to head Japan's Toyota Motor Corp.

Toyota said the announcement will be made by current president Katsuaki Watanabe and Toyota Chairman Fujio Cho, a former president. The company declined to say whether Toyoda would be present at the announcement.

Toyota said Tuesday it sold 8.972 million vehicles worldwide last year, down 4 percent, as a global slump in new car sales overshadowed its race to overtake General Motors as the world's biggest automaker.