Toyota Appoints New CFO in Executive Shake-Up
Toyota Motor Corp has appointed Kenta Kon, previously its chief accounting officer, as its new chief financial officer in a large scale shake up of the firm’s executive structure.
Kenta Kon is set to be the new CFO of Toyota as of this week, as the firm aims to eliminate all executive vice president (EVP) roles and streamline the way the company is managed. By doing this, it plans on improving production systems and shrink costs in all areas.
Answering to CEO Akio Toyoda, who has been at the helm since 2009, Kon will be the firm’s no.2 executive. Current CFO Koji Kobayashi is set to remain within his secondary role as chief risk officer. Six of the firm’s EVP roles, which have been in place since 1982, will be binned, paving the way for a new more streamline executive management system. Some of these roles will now become COO roles and the according individuals will manage more niche operations of the firm, though four of these will pretty much continue working as the same role, just without the EVP title.
“I have judged that it is necessary for me to directly communicate with the leaders of the next generation and to increase the amount of time for sharing our concerns, by further reducing the number of layers of management.”
The appointment of Kon as CFO is just one of Toyota’s latest moves in simplifying the way it works internally, in order to compete on a level playing field with rivals, and as one of the world’s largest motor manufacturers, keep up with the latest technology, such as electric vehicles, self-driving cars and more.
According to Reuters, President Akio Toyoda said: “I have judged that it is necessary for me to directly communicate with the leaders of the next generation and to increase the amount of time for sharing our concerns, by further reducing the number of layers of management.”