Toyota Motor Corp. (7203) announced that Kenta Kon, executive officer and chief financial officer, will be promoted to president and chief executive officer effective April 1, Asahi Shimbun newspaper reported on February 6.

In 2025, Toyota pledged $10bn in US investments (clarified as ongoing plans) and plans to export US-made vehicles to Japan to address trade imbalances. US President Donald Trump urging troops to "buy a Toyota" as part of his plans to help boost imports of smaller cars to the country. 

Kon, 57, will be appointed as a board director at the general shareholders’ meeting in June. Current President Koji Sato, 56, will step down as a board director and become vice chairman.

Akio Toyoda, 69, chairman of the board of directors, will remain in his position.

“A formation change in the management team is necessary for the future of Toyota and the industry,” Sato said at a press conference on February 6.

Sato stated that as vice chair of Keidanren and chairman of the Japan Automobile Manufacturers Association, he will focus increasingly on industry-wide activities. He noted that Kon will focus within the company to improve earning power.

Kon joined the organisation in 1991. After serving as executive vice president, he held the role of board director and CFO of Woven by Toyota Inc. He returned to the CFO position at Toyota last July.

“The experience of being able to see Toyota from a slight distance was, after all, very significant for me,” Kon said at the news conference.

Regarding potential additional United States tariffs, Kon said the company must lower its break-even point for units sold to build a structure that can withstand difficult times.

Sato has served as president since April 2023. During his tenure, he addressed certification fraud issues that emerged in 2024 and worked to rebuild on-site operations.