Top execs face chop at Toyota

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Incoming president Akio Toyoda has vowed to do what it takes to return to profit. Insiders say that includes axeing up to 23 senior executives. Toyoda, who will succeed Katsuaki Watanabe in June, is understood to be set to replace the company's other four executive vice presidents and "many" of the 19 senior managing directors.

Such a large-scale retrenchment of senior jobs, while more common in the West, would be a rare event in a Japanese firm.

The 52-year-old grandson of founder Kiichiro Toyoda has some tough decisions to make, with exports at record lows and the company forecast to be heading for its first operating loss in 71 years. He is understood to be considering cutting back on Toyota's expansion strategy.