(CNN) -- The "prince" is taking the wheel of Toyota as the world's largest automotive manufacturer stands at a crossroads.

Akio Toyoda, the grandson of company founder Kiichiro Toyoda, was formally approved as president of Toyota Motor Corp. on Tuesday by the company board. Toyoda, 53, has been with the company for 24 years.

Nicknamed "the prince" by Japanese media, Toyoda is the first family member to run the company in 14 years. (His grandfather slightly altered the family name when christening the company "Toyota," which has eight brush strokes in Japanese -- a fortuitous number).

Read the whole story on CNN or try our Toolbar
Bookmark and Share

Related stories from top sites:

  • GM quits NUMMI plant; Toyota studies options

    Jun 25th, 2009 - The Detroit News

    General Motors Corp. will give up its stake in a 25-year joint venture with Toyota Motor Corp., raising doubts about the future of the shared New United Motor Manufacturing Inc...

  • BET Awards honors King of Pop with musical tributes, single gloves and thanks from his sister

    Jun 25th, 2009 - Newsday.com

    LOS ANGELES (AP) - While BET celebrated the life of Michael Jackson the entertainer, Janet Jackson - in her first public appearance since her brother's shocking death - memorialized him as her beloved sibling and family member...

  • Michael Jackson's legacy honored at BET Awards

    Jun 25th, 2009 - AOL News

    LOS ANGELES -While BET celebrated the life of Michael Jackson the entertainer, Janet Jackson — in her first public appearance since her brother's shocking death — memorialized him as her beloved sibling and family member...

  • Joe Jackson: 'We Don't Like What's Going On'

    Jun 25th, 2009 - People.com

    A day after Michael Jackson's death, a cloud of deep sadness – mixed with growing anger – has descended on the Jackson family home in Encino, where Joe and Katherine Jackson and their children have gathered to mourn.

  • Toyota's new boss warns of two more tough years

    Jun 25th, 2009 - Reuters

    TOKYO (Reuters) - The new head of Toyota Motor Corp, the world's biggest car maker, warned on Thursday the autos industry faces two years of tough times, as he outlined his strategy to get the company back to profits.

More stories ...

Leave a Reply

Comment moderation is enabled. Your comment may take some time to appear.