Toyota Restructures Board, Aims for Diversity and Audit Oversight in Evolving Automotive Landscape

Toyota Announces Board Restructuring with Focus on Diversity and Audit Oversight

Toyota Motor Corporation announced plans to restructure its board of directors, aiming to bring in more diverse perspectives and strengthen audit oversight. The company seeks to adapt to a rapidly changing automotive landscape marked by the emergence of new players like Tesla and BYD.

Among the six new appointments, Christopher Reynolds, an executive with experience in human resources and risk management, will join the board. Kumi Fujisawa, an independent entrepreneur, and Hiromi Osada, a former Toyota auditor, will also be appointed, increasing the number of women on the board from one to two. George Olcott, another former auditor, will also join the board, bringing the total number of outside members to five.

Significantly, this restructuring marks the first time Toyota will include auditors on its board. This move comes after the company admitted to cheating on certification tests for seven vehicle models, prompting increased scrutiny of its internal controls.

Takanori Azuma, a Toyota Human Resources official, emphasized the importance of diverse perspectives in navigating the changing automotive landscape. He stated, "It would be a mistake to assume that what we think up internally will be what our customers and people around the world can empathize with."

The company aims to transform itself into a "mobility company" amidst the industry's drastic changes. Chairman Akio Toyoda and Chief Executive Koji Sato will retain their positions. The new board structure will be presented for approval at a general shareholders' meeting later this year.