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Fortune

Steve Mollman

Toyota’s CEO just wrote the blueprint for passing the baton to a younger generation of leadership with grace

Toyota Akio Toyoda Koji Sato

Toyota CEO Akio Toyoda (Credit: Kiyoshi Ota—Bloomberg/Getty Images)

Toyota CEO Akio Toyoda is making way for new leadership. On Thursday, the carmaker announced that Toyoda is stepping down, to be replaced by Koji Sato, head of luxury subsidiary Lexus.

The handover comes amid an accelerating industry shift to electric vehicles that Toyota, the world’s top-selling automaker, has been slow to embrace.

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