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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Toyota to replace president amid business slump: report AFP - 2 hours 4 minutes ago TOKYO (AFP) - - Toyota Motor Corp. plans to replace its president after the Japanese carmaker forecast its first-ever operating loss, a report said Tuesday. The auto giant is considering moving vice president Akio Toyoda to the post, which is held by Katsuaki Watanabe, in April at the start of the next business year, the Asahi Shimbun newspaper reported. Arrangements have been made to give Watanabe a more advisory role of vice chairman, the daily said without citing sources. No official was immediately available at Toyota's head office to comment on the report. Toyoda, 52, a grandson of Toyota's founder Kiichiro Toyoda, would be the first member of the family in 14 years to become the company's president. Tatsuro Toyoda was the last president from the founder's clan. On Monday, Toyota said it expected an operating loss of 150 billion yen (1.69 billion dollars) for the financial year to March 2009, the first loss since it started reporting annual earnings in March 1941. Last year it posted 2.27 trillion yen in operating profit. Toyota said it still expected to make a profit on a net level but cut its forecast sharply to 50 billion yen, down from a previous estimate of 550 billion yen. Toyota's sharp cuts in forecasts marked a deepening of the woes plaguing the auto industry, which has seen General Motors and Chrysler, two of the US Big Three automakers, on the verge of collapse due to the global financial turmoil. Toyota, which vies with GM for the crown of the world's largest automaker, said it was cutting back production and investment as a slump in sales and a soaring yen wreak havoc on its balance sheet. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business BRIEF-Generali does not rule out future capital hikeReuters - 36 minutes ago India Reliance leases Vopak oil storage in SingaporeReuters - 37 minutes ago China stocks sink on rate cut disappointmentReuters - 37 minutes ago India has scope for more monetary easing-fin ministryReuters - 39 minutes ago Seoul shares drop 3 pct; carmakers slide on outlookReuters - 46 minutes ago Enlarge Photo Toyota to replace president amid business slump: report Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed OECD forecast deepens gloom as world stocks slip Quake zone hero pig named China's animal of the year Tata gives Jaguar cash boost pending bail-out decision: FT Actress Jennifer Aniston appears naked in GQ magazine New Year's hangover? Take two eels and call me in the morning View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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