Toyota Motor Corp Sees 43% Profit Decline as CFO Kenta Kon Appointed CEO
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Toyota Profit Plunges 43%, CFO Kenta Kon Named New CEO Amidst Industry Challenges
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CNBC TV18•06-02-2026, 13:46
Toyota Profit Plunges 43%, CFO Kenta Kon Named New CEO Amidst Industry Challenges
•Toyota Motor Corp reported a 43% drop in quarterly profit, totaling 1.25 trillion yen ($8 billion) for the October-December quarter.
•CFO Kenta Kon will replace Koji Sato as the new Chief Executive and President in April, with shareholder approval expected in June.
•Koji Sato cited the need for a "gear shift" and his critical industry roles at JAMA and Keidanren as reasons for stepping down.
•Kon, a Toyota veteran with experience in automated driving, is seen as an expert to improve company earnings and drive change.
•Japanese automakers face struggles due to rising material costs and the impact of US tariffs, which cost Toyota 1.45 trillion yen ($9.2 billion) in operating profit last year.
