In a strategic move aimed at cost cutting, improving and streamlining the company’s structures, Toyota Motor Corporation has scrapped the office of the executive vice president (EVP). It also named Kenta Kon as its next chief financial officer.
Kon, who is currently chief accounting officer, will take on the company’s number two position in April in a statement by the Japanese automaker.
Under the new structure, Toyota said it would scrap its six executive vice presidents positions, first introduced at the company in 1982, with current roles becoming chief operating officer responsibilities.
Four of the six executive vice presidents will largely keep their existing roles without the EVP title.
It is the latest in a series of structural changes at Toyota, one of the world’s largest automakers, which is trying to simplify its operations to become more nimble to compete with rivals in developing electric vehicles, self-driving cars and other new technologies.
MIKE OCHONMA
