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Automaker's strategy will explore emerging markets, shrink board
Makiko Kitamura and Masatsugu Horie / Bloomberg News
Toyota Motor Corp., which traditionally gets most of its profit in the U.S., will outline a strategy for growth in emerging markets in a 10-year plan the Japanese automaker is set to release this week, two people familiar with the plan said.
Toyota also plans to cut two vice chairman positions and shrink its board to 17 or fewer members as part of the biggest management shake-up in eight years, according to two people who declined to be identified because the plan is private. Former President Katsuaki Watanabe will become an adviser without a board vote, and Kazuo Okamoto, former head of research and development, will move to an affiliate, the people said.
President Akio Toyoda will present a "Global Vision 2020" plan for the world's largest automaker Wednesday to help boost sales a year after the carmaker's biggest recall crisis. As part of its focus on emerging markets, the carmaker introduced the Etios compact in India in December; it will be modified for sale in China, Thailand and Brazil.
Executive Vice President Yukitoshi Funo has dubbed the Etios as the "21st century Corolla," a reference to its best-selling compact model. Investors and analysts have called on Toyota to reveal more about plans for next-generation models, shifting production away from Japan and boosting sales of luxury models.
The automaker made about 60 percent of its operating profit from North America in the nine months ended Dec. 31, according to its financial statement.
"As the recall problem has settled down, there's hope that Toyota will turn around and get on the offensive, but I'm not optimistic," said Koji Endo, a Tokyo-based auto analyst at Advanced Research Japan. "Toyota has been trying to return to a less aggressive way of doing things after being so fixated on profit."
Toyota's slimmer board may help it adapt to challenges and changes in the global industry quickly, the people familiar with the plan said.
"Toyota has seemed cluttered with too many board members, and that has had consequences," said Tadashi Usui, an analyst at Moody's K.K. in Tokyo.
Toyota spokesman Koki Konishi said the automaker can't comment.
From The Detroit News: Toyota growth plan on new road | detnews.com | The Detroit News
Makiko Kitamura and Masatsugu Horie / Bloomberg News
Toyota Motor Corp., which traditionally gets most of its profit in the U.S., will outline a strategy for growth in emerging markets in a 10-year plan the Japanese automaker is set to release this week, two people familiar with the plan said.
Toyota also plans to cut two vice chairman positions and shrink its board to 17 or fewer members as part of the biggest management shake-up in eight years, according to two people who declined to be identified because the plan is private. Former President Katsuaki Watanabe will become an adviser without a board vote, and Kazuo Okamoto, former head of research and development, will move to an affiliate, the people said.
President Akio Toyoda will present a "Global Vision 2020" plan for the world's largest automaker Wednesday to help boost sales a year after the carmaker's biggest recall crisis. As part of its focus on emerging markets, the carmaker introduced the Etios compact in India in December; it will be modified for sale in China, Thailand and Brazil.
Executive Vice President Yukitoshi Funo has dubbed the Etios as the "21st century Corolla," a reference to its best-selling compact model. Investors and analysts have called on Toyota to reveal more about plans for next-generation models, shifting production away from Japan and boosting sales of luxury models.
The automaker made about 60 percent of its operating profit from North America in the nine months ended Dec. 31, according to its financial statement.
"As the recall problem has settled down, there's hope that Toyota will turn around and get on the offensive, but I'm not optimistic," said Koji Endo, a Tokyo-based auto analyst at Advanced Research Japan. "Toyota has been trying to return to a less aggressive way of doing things after being so fixated on profit."
Toyota's slimmer board may help it adapt to challenges and changes in the global industry quickly, the people familiar with the plan said.
"Toyota has seemed cluttered with too many board members, and that has had consequences," said Tadashi Usui, an analyst at Moody's K.K. in Tokyo.
Toyota spokesman Koki Konishi said the automaker can't comment.
From The Detroit News: Toyota growth plan on new road | detnews.com | The Detroit News
