Toyota Motor today named Akio Toyoda as its new president, turning to the grandson of its founder to rescue the company from its biggest ever crisis.

Toyoda, currently an executive vice president, will take the reins of Japan's biggest automaker in June, replacing Katsuaki Watanabe, who will become vice chairman. Fujio Cho will keep the post of chairman. Toyoda, 52, has long been groomed for the top job.