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10:58 am
Wed March 6, 2013

Former GM executive tapped for Toyota board

Toyota has tapped a former executive at U.S. rival General Motors to be on its board, the first time in the Japanese automaker's 76-year history it is appointing board members from outside the company.

The appointment of Mark Hogan, effective April 1, is a key part of the sprawling management changes Toyota Motor Corp. announced Wednesday. They underline its efforts to grow more international, nimble, transparent and responsive to regional markets.

Toyota set up a new division called "No. 1" to oversee North American, European and Japanese markets, and another "No. 2" for emerging markets. It also promoted four non-Japanese managers to oversee regional businesses.

Besides Hogan, two Japanese, from insurance and securities sectors, were picked as outside board members. The board appointments require the approval of shareholders.