Toyota appoints finance chief as new CEO after profit drop

Toyota has appointed its Chief Financial Officer, Kenta Kon, as its new CEO, replacing the outgoing president after a relatively short three-year term. The leadership change comes as the company reported a 43% slide in profit, partly attributed to a $9 billion hit from U.S. tariffs. Despite the profit decline, Toyota raised its full-year operating profit forecast by 11.8% and expects record sales to exceed 50 trillion yen for the first time.