Toyota

(TM) - Get Report

, which overtook

General Motors

(GM) - Get Report

as the world's largest automaker in 2008, will replace most of its top management later this year as incoming President Akio Toyoda aims to return the automaker to profit,

Bloomberg

reports.

Citing people familiar with the matter,

Bloomberg

reports Toyoda will replace the company's other four executive vice presidents and ``many'' of the 19 senior managing directors.

Toyoda, a grandson of company founder Kiichiro Toyoda, will take charge of the company as the automaker forecasts its first operating loss in 71 years. He may curb the expansion strategy that allowed Toyota to top GM in sales for the first time last year,

Bloomberg

reports.

Toyota saw sales fall 15% in the U.S. in 2008, and auto sales are forecast to decline further in 2009, according to

Bloomberg

. The company last week announced cuts in production in North America.

Global sales in 2008 fell 4% to 8.97 million vehicles. GM had sales of 8.35 million vehicles.

This article was written by a staff member of TheStreet.com.