Toyota to name new president

TOKYO, Feb. 7 (UPI) -- Japan's Toyota Motor Corp. will promote Executive Vice President Katsuaki Watanabe to president soon, a local paper reported Tuesday.

Financial daily Nihon Keizai Shimbun reported that Japan's biggest car manufacturer would promote Watanabe to president, while current president Fujio Cho would become vice chairman and Hiroshi Okuda would remain chairman. An official announcement of the new lineup is expected Feb. 9, the Nikkei reported.

The 62-year-old Watanabe has devoted his career to Toyota, and his background is in procurement to plan and purchase car parts. He also served as the head of the Motomachi plant.