Tokyo/IBNS, Feb. 6 -- Toyota Motor Corporation on Friday announced that Chief Executive Officer Koji Sato will step down, with Chief Financial Officer Kenta Kon set to take over as President and CEO in a leadership reshuffle-the second at the top of the automaker in three years, media reports said.

Kon will assume charge on April 1, while Sato will transition to the role of Vice Chairman and Chief Industry Officer (CIO).

Toyota said the organisational revamp comes amid an increasingly challenging global automotive environment, which requires faster execution and stronger industry collaboration to enhance international competitiveness.

As Chairman of the Japan Automobile Manufacturers Association (JAMA), Sato is expected to play a key r...