Toyota Motor Corp. promoted its two top U.S. sales executives to replace North American Chief Executive Hideaki Otaka, a week after he was sued for sexual harassment.
Late Monday, Toyota named Yukitoshi Funo chairman and CEO of Toyota Motor North America and made Jim Press the division’s president.
Funo has been chairman and CEO of Toyota’s U.S. sales unit and will retain those titles. Press, the company’s most senior non-Japanese executive, sheds his title as president of the sales operation and will move from California to lead the New York-based holding company.
“It’s good to take immediate action by changing the management,” said Yasuaki Iwamoto, an analyst at Okasan Securities Co. in Tokyo. He said the move isn’t likely to affect Toyota’s share price or “bring forth a big change in its U.S. business.”
