With its first operating loss posted in years, the leadership at Toyota Motor has been reorganized, as was being anticipated. On Tuesday, Japan's top automaker showed a 4 percent drop in its 2008 sales figures. The sales, slightly less than 9 million, corresponded to the company's earlier projections in the midst of the bleak auto industry milieu.

The 52-year-old Akio Toyoda, grandson of Toyota's founder Kiichiro Toyoda, has been named the new President of the company. He would take over the reins in June, from Katsuaki Watanabe, who would become the vice chairman in place of the retiring Katsuhiro Nakagawa. The company's present chairman, Fujio Cho, will retain his position.

Akio Toyoda, who is fluent in English, was previously the executive vice-president, with responsibilities that included the North American operations of Toyota. Running the company was not guaranteed for him, even though it was founded by his grandfather in 1937, as an offshoot of a then textile-equipment company.

The Toyoda family having control over even less than 1 percent of the stock, as of last year, Akio Toyoda's appointment is subject to approval by the shareholders who form the company's governing board.

Toyoda is well-versed with the company's international operations, as he has worked in Japan, China and the US. Considered a 'corporate star' in Japan, Toyoda would attempt drawing greater global attention to Toyota, which is seen mostly as a somewhat conformist carmaker!