Akio Toyoda, who headed the largest Japanese car concern Toyota Motor since 2009, will leave his post as president of the company, Toyota said on Thursday.

Toyoda, 66, who is a grandson of the founder of the automobile concern, will take a position of Chairman of the Board of Directors. The new director of Toyota will be Joji Sato, who previously held the position of executive director. It is noted that the reshuffle will occur at the beginning of the new fiscal year (starting April 1, 2023).

Akio Toyoda joined the company's board of directors in 2000, and in 2005 he assumed the position of executive vice president of the company. In 2012, he was named Man of the Year by British magazine Autocar.