Toyota Holders OK Founder's Grandson as Head

(The founder's family name is spelled with a "d," but the company name was changed to Toyota because that was considered luckier.)

Many Japanese companies, including conservative ones like Toyota, don't allow incoming chief executives to speak up too much because of protocol until their taking the helm becomes official.

Watanabe, the current president, did almost all the talking at the two-hour shareholders meeting, although other executives in charge of technology and production methods answered some investor queries.

Watanabe had led Toyota since 2005 on an aggressive, and until recently a largely successful, growth track.

The company, which makes the Camry sedan and Lexus luxury line, has been hit hard by the global slump as buyers hold off from buying cars, particularly in the U.S., Europe and its home market of Japan.

Watanabe said the outlook in the U.S., traditionally its most profitable market, is "unclear," according to a Bloomberg report.

"Right now, we can see recovery in some markets, but in the U.S., it's still not transparent," Watanabe said.