Toyota taps founder's grandson as new president

TOKYO - Toyota says Akio Toyoda, grandson of the company's founder, has been picked as the new president to lead the Japanese automaker through a slump in the global auto market.

The widely expected selection of Toyoda, 52, will become formal once shareholders approve the appointment in June, the company said in a statement.

Toyoda's promotion marks the first time a Toyoda family member takes the helm at the company in 14 years.

Toyota is forecasting a 150 billion yen ($1.69 billion) operating loss for the fiscal year ending March 31 -- its first such red ink in 70 years