Feb 12th - Toyota To Slash Board Size For Faster Decision-Making

Toyota Motor Corp. will reduce its director levels from 27 to 10-15 in a bid to speed decision-making amid intensifying global competition.

The leading carmaker's board today consists of a chairman, two vice chairmen, a president, six vice presidents, 15 managing directors and two directors.

The company also has 50 managing officers, which are the equivalent of corporate officers at many other companies. By also shedding managing officers, Toyota will likely shrink the size of its upper echelon to around 60 people from 77 currently.

The auto giant has expanded its executive roster in lock step with sales growth. But with the business environment changing rapidly and as the race over next-generation green vehicles becomes heated, slimming down its management team has become a top priority.

Toyota normally makes changes to its management lineup in June, when it holds its annual general shareholders meeting. But some of the top-executive culls may be announced in April, when the automaker is due to unveil its long-term business plan.