Toyota announced a board restructuring recently, aiming to incorporate diverse perspectives and expand the role of auditors. Among the six new appointees is Christopher Reynolds, an executive in Toyota’s North American operations, who brings expertise in human resources and risk management. The 10-member board will see an increase in female representation from one to two with the addition of independent entrepreneur Kumi Fujisawa and former Toyota auditor Hiromi Osada. Former auditor George Olcott will also join the board.
The number of outside board members will increase from four to five, with auditors included for the first time, according to Toyota Human Resources official Takanori Azuma. The restructuring comes amid heightened scrutiny of the company’s internal controls following last year’s admission of certification test violations for seven vehicle models. Azuma emphasized that the new appointments aim to introduce diverse perspectives, calling them ‘weapons for survival’ in a rapidly evolving industry. ‘It would be a mistake to assume that our internal ideas will automatically resonate with customers and people worldwide,’ he added.
Toyota, known for the Camry sedan and Lexus luxury models, is working to redefine itself as a ‘mobility company’ amid sweeping industry changes and rising competition from newcomers like Tesla and BYD. Chairman Akio Toyoda, a member of the founding family, and Chief Executive Koji Sato will retain their positions. The proposed board restructuring will be presented for approval at a general shareholders’ meeting later this year.
