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Toyota North America CEO to retire

The head of Toyota Motor Corp.'s North American division is retiring after 38 years, the automaker announced Dec. 11.

Jim Lentz, CEO of Toyota Motor North America, will leave the company April 1, 2020, according to a news release. Toyota Motor North America COO Tetsuo Ogawa will become the new CEO.

Lentz led Toyota North America's restructuring plan and consolidated the region's operations under "One Toyota," the statement said.

"After finalizing our One Toyota consolidation and laying the groundwork for the future of mobility, now is the time for a new leadership team to take the next steps to help further transform Toyota," Lentz said in the release. "Tetsuo Ogawa, along with our executive leadership team, are all part of a deep bench with a proven track record of delivering results and a relentless focus on our customers. I'm confident the future of Toyota is in good hands with these leaders and our 40,000 North American team members."

On Dec. 4, Toyota announced some organizational changes as part of its plan to streamline its corporate hierarchy.