Japan's top automaker Toyota names a new CEO after reporting drop in profits

TOKYO (AP) — Japan’s top automaker Toyota reported a 43% drop in quarterly profit Friday and announced that its chief financial officer, Kenta Kon, will become its new chief executive and president. Kon, a Toyota veteran, will replace Koji Sato in both roles in April. Approval by shareholders is expected in June. “This expresses our determination to move toward change with all our might,” Sato told reporters, calling the latest personnel changes part of a “gear shift.” Sato remains vice chairman at Toy ...