Toyota Shareholders Approve Management Restructuring; Akio Toyoda Re-elected Chairman, Kenta Kon Officially Joins Board

On June 16, Toyota Motor Corporation held its annual general meeting of shareholders, where multiple personnel proposals were approved: Akio Toyoda was re-elected as Chairman, and newly appointed CEO Koji Sato was approved for appointment to the Board of Directors. Re-election proposals for the other four directors were also unanimously approved. This meeting marked the first annual shareholder gathering since Koji Sato assumed the role of CEO in April, and his appointment to the board signifies shareholder endorsement of the new management team. Following the meeting, Sato stated that Toyota will continue advancing its investments in artificial intelligence and robotics and remain committed to a multi-pathway approach to powertrain technologies without significantly reducing related expenditures. He revealed that since taking office, he has visited numerous manufacturing plants, R&D centers, and frontline sales operations, identifying issues such as low operational efficiency and an increase in non-value-added tasks, for which corrective measures have already been initiated. He also noted that excessive model derivatives represent a key area targeted for optimization in the near term. Sato previously served as Akio Toyoda’s chief secretary and Chief Financial Officer before succeeding Koji Sato (note: likely a typo in original; should be "Takeshi Sato" or another name—context suggests "Koji Sato" replaced "Takeshi Sato") as CEO. Takeshi Sato has transitioned to the role of Vice Chairman and stepped down from the board. Currently, Toyota faces mounting pressure from approximately $17 billion in tariff-related costs and intensifying global competition from Chinese automakers. The company forecasts a 20% decline in operating profit for the current fiscal year, marking the third consecutive year of decreasing profits.