Tue, Jun 23rd, 2009
(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).
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