Akio, president of Toyota Toyoda surprised the auto industry this week by announcing that he would be stepping down from his position and handing over to Koji Sato, who now heads the company’s Lexus and Gazoo racing divisions.
However, Toyota has not made much progress. Rather than retire entirely, the 66-year-old will retire to the board of directors, where he will take over the role of chairman.
Even insiders don’t think Mr. Toyoda won’t interfere. A senior official said the Toyoda clan was embarking on an era of “insei,” a time in Japanese history when emperors retired to monasteries without actually handing over power.
If so, the commotion in Toyota City may not be a big deal.
