Founder's grandson may take helm at auto giant

Toyota Motor Corp President Katsuaki Watanabe may be replaced next year by Akio Toyoda, grandson of the company's founder, after forecasting the first loss in 71 years, people familiar with the matter said.

Watanabe's exit is intended to take responsibility for Toyota's operating loss forecast of 150 billion yen ($1.7 billion) for the year ending in March, said one of the people, who asked not to be identified because a decision hasn't been announced.

Watanabe, 66, took his post in June 2005, positioning the Toyota City, Japan-based company to pass General Motors Corp this year for the world sales crown. He also presided over the 13 percent sales slump through November in the US where domestic automakers crippled by falling sales are being given government aid to avoid bankruptcy.