Lexus chief to take over Toyota as founder’s grandson steps down

The chief executive of Toyota Motor Corp will step down as head of the company his grandfather founded, the Japanese automaker said on Thursday, handing over to the boss of its luxury car unit as it struggles to meet the shift to electric vehicles.

Koji Sato, the automaker’s 53-year-old chief branding officer, who is also president of Toyota’s (7203.T) luxury brand Lexus, will take over as chief executive from April 1, the company said, as Akio Toyoda becomes chairman.

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