TOKYO (Bloomberg) -- Toyota Motor Corp. plans to sell half of its vehicles in emerging markets and roll out 10 more hybrid models as part of efforts to boost its operating profit to at least 1 trillion yen ($12 billion) by 2015.
Toyota will also eliminate vice-chairman positions and shrink its board to 11 members from 27 as part of the biggest management shakeup in eight years, the company said today.
Among Toyota's management changes, Vice Chairmen Katsuaki Watanabe and Kazuo Okamoto, along with Executive Vice President Yoichi Ichimaru and Director Yoshimi Inaba will step down from the company's board.
Ichimaru will become an adviser and Inaba will remain as head of North American operations. The changes are subject to shareholders' approval in late June, Toyota said.
Toyota Motor Manufacturing Canada Inc. Chairman Ray Tanguay will become senior managing officer from April 1 and will be ranked as the highest non-Japanese executive at Toyota.
President Akio Toyoda presented Toyota's "Global Vision" plan today, which includes a forecast for 9 million vehicle sales a year by 2015. The carmaker aims to get 15 percent of global unit sales from China, which has surpassed the U.S. as the world's largest auto market for the past two years.