Akio Toyoda Next Toyota President: Management change has been expected

Akio Toyoda, grandson of Toyota Motor Corporation's founder, has been officially named the company's next president. At 53, Toyoda will be only the sixth chief executive officer of the world's largest automaker and the youngest since his grandfather Kiichiro.

"We face a crisis unprecedented in the past 100 years," said Toyoda, who has been groomed for the top management position since at least 2000 when he joined the board of directors after 16 years with the company. "I believe it is necessary to go back to the basics of placing the customer first and going to the source of all issues, while at the same time taking bold action to overcome the difficulties we face."

When he takes the presidential reins from 66-year-old Katsuaki Watanabe in June, Toyoda must deal with the plethora problems the international financial crisis has precipitated upon the global auto industry. After reporting record earnings for FY2008 ended March 31, Toyota is facing the first annual operating loss of its 70-year existence.

"It's at a time like this that we need a youthful leader," said Fujio Cho, who will remain company chairman through the transition. "Drastic measures will need to be taken sometimes, and I believe Executive Vice President Toyoda is the best person for the job."