Motor Corp. says it plans to list its American depository receipts on the New York Stock Exchange later in the year and inaugurate a stock option plan for directors and other employees.
In addition, TMC named a new chairman for its U.S. sales subsidiary. Yoshimi Inaba, currently general manager of's operations in Europe and Africa, succeeds Yoshio Ishizaka as president of Toyota Motor Sales U.S.A. Inc. Mr. Ishizaka was promoted to senior managing director of Toyota in Japan.
Meanwhile, Toyota reports sales of $102.0 billion, up 9.2% for its fiscal year ended March 31. Profits declined 21.6% to $2.9 billion due to weak sales in its home market. Toyota forecasts an 8% growth in sales for its current fiscal year ending March 31, 2000. But it also forecasts a further decline in net income to $2.5 billion.