Toyota founder’s grandson, 52, appointed to steer as president

TOKYO (AP) — Toyota tapped Akio Toyoda, grandson of the Japanese automaker’s founder, as president Tuesday, paying homage to its roots at a time when the company faces its first operating loss in 70 years.

The U.S.-educated Toyoda, 52, is the first founding family member to take the helm at Japan’s No. 1 automaker in 14 years.

He promised a reaffirmation of the company’s core principles, such as valuing ideas from the ranks — a management approach called “kaizen” that has made Toyota Motor Corp.’s production methods famous in industry circles around the world.

“Having been born a Toyoda did not happen by choice,” he told reporters. “But I want to do my best as Akio Toyoda for what I believe in.”

Analysts say Toyoda faces enormous challenges. Just hours before his appointment, Toyota announced that global sales last year fell for the first time in 10 years, falling 4 percent to 8.972 million vehicles.

“I am simply determined to do my utmost in being handed this big role of steering Toyota as it faces what has been said to be its worst crisis in a century,” Toyoda said in a Tokyo news conference.

A new, younger leadership and the charisma of a Toyoda, may be exactly what the ailing automaker needs to bring its ranks together and send a strong message of change, analysts said.