Toyota Industries Corporation has announced that Chairman Tetsuo Toyoda and Vice Chairman Akira Onishi will retire, and Toyota Motor Corporation Executive Fellow Shigeki Terashi will take over as chairman.
The company has decided that it is necessary to revamp its management structure as dealing with the problem of fraudulent acquisition of certification has become a major issue.
According to an announcement from Toyota Industries, Chairman Tetsuo Toyoda will step down and become an advisor, and Vice Chairman Akira Onishi will step down and become a director without representative rights.
The successor chairman will be Shigeki Terashi, who has served as vice president of Toyota Motor Corporation and currently serves as Toyota's executive fellow.
Toyota Industries was discovered to have fraudulently obtained national certification for its forklifts, construction machinery, and car engines, and on the 22nd of this month received a corrective order from the Ministry of Land, Infrastructure, Transport and Tourism demanding drastic reforms.
Regarding this personnel change, Toyota Industries stated, ``This is not a resignation or punishment in response to a series of fraud issues,'' and added, ``As dealing with fraud issues has become a major issue, we believe that it is necessary to reform the management structure.'' I made the decision.''
The company plans to formally decide on these personnel changes at the general meeting of shareholders scheduled for June.