Toyota announces new executive to lead Brazil operations

Toyota Motor Corp (7203.T)said on Saturday that a new chief executive officer will lead its Brazil operations beginning Jan. 2. 

The Japanese carmaker said Rafael Chang would take over the company’s largest South American operation. He will replace Koji Kondo, whom the company praised as leading Toyota through difficult years as demand for autos in Brazil has fallen by half in the last four years.

Toyota, Brazil’s fifth-largest automaker by units sold, said Chang, after a stint of leading the carmaker’s operations in Venezuela, would help the company expand even more quickly.

Toyota had 4.3 percent of Brazil’s passenger car market in 2014. Its share is now at 8.8 percent, the company said.

(Reporting by Brad Brooks; Editing by Dan Grebler)