Toyota to Replace Top Managers

Toyota Motor Corp. reportedly will replace most of its top managers after Akio Toyoda takes over the role of president from Katsuaki Watanabe.

Toyoda, currently an executive vice president, will replace the other four executive vice presidents at TMC, as well as many of the auto maker’s senior managing directors, which currently number 19, Bloomberg says.

Toyoda, the grandson of TMC founder Kiichiro Toyoda, was named the auto maker’s new president earlier this week. He will assume the role, pending shareholder approval, in June.

Meanwhile, Toyota is said to be considering voluntary layoffs at its U.K. and North American operations, Reuters reports.

The cuts, which likely will be achieved through early-retirement offers, are to include 1,000 workers.

A Toyota North America spokesman is quoted as saying no involuntary layoffs are being considered by the auto maker at this time.

Toyota’s sales worldwide, including the U.S., its largest and most-profitable market, have been falling steadily as the auto maker, which just passed General Motors Corp. for the No.1 global sales title, succumbs to the ongoing economic slowdown.

Toyota repeatedly has adjusted vehicle output at its plants worldwide, as well as cut temporary workers at the manufacturing level and at its U.S. sales arm.