Akio Toyoda declared new president of Toyoto

The world's No.1 automaker has got its new president. On Tuesday, Akio Toyoda, the grandson of company's founder, confirmed as the new president. Toyoda, who replaces Katsuaki Watanabe, and a new management team that includes four new executive vice presidents and eight new board members, will need to hit the ground running with the company facing tanking car sales and a record loss for the year to March.
Toyoda had long been seen as a candidate to head the company founded by his grandfather in 1937 as he rose through the ranks at nearly twice the speed as his predecessor.
 At a board meeting following the shareholders' meeting, Watanabe was confirmed as vice chairman along.
 Supporting Toyoda will be five vice presidents while two key company elders, Honorary Chairman Shoichiro Toyoda - Akio's father - and Senior Adviser Hiroshi Okuda, resigned from the board.