Toyota has announced plans to revamp its board as part of an initiative aimed at incorporating a broader array of perspectives and enhancing the role of auditors. Among those set to join the board is Christopher Reynolds, currently an executive in the automaker’s North American sector. With a background in law and being the son of a former Ford employee, Reynolds brings a wealth of knowledge in human resources and risk management.
The inclusion of additional members will see the number of women on the 10-member board double, increasing from one to two. Kumi Fujisawa, an independent entrepreneur, and Hiromi Osada, a former Toyota auditor, will join the company’s board. George Olcott, also previously serving as an auditor, is slated for a board position as well. Consequently, the number of outside directors will increase from four to five.
Takanori Azuma, an official in Toyota’s Human Resources department, noted that the new board will notably include auditors for the first time. This decision follows heightened scrutiny over the company’s internal controls, especially after Toyota admitted to falsifying certification tests for seven vehicle models the previous year. Azuma emphasized that the appointments are intended to offer diversified viewpoints in the company’s leadership as a strategy to thrive amidst an evolving market.
“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,” Azuma explained. The distinguished automaker, known for models such as the Camry sedan and Lexus luxury vehicles, is committed to evolving into what it describes as “a mobility company.” This transformation comes as the automotive industry faces rapid changes due to the emergence of formidable competitors like Tesla and BYD.
The leadership roles of Chairman Akio Toyoda, a descendant of the founding family, and Chief Executive Koji Sato are set to remain unchanged. The company plans to seek approval for its newly structured board at a shareholder meeting scheduled for later this year.
