Toyota Announces Changes in External Affairs Top Management

NEW YORK, Dec. 15, 2003 -- Toyota Motor North America (TMA) President Toshiaki (Tag) Taguchi announced today that Jim Olson, senior vice president of External Affairs and Public Policy, will retire December 31st and become an advisor to the company.

"We are grateful to Jim for his long and valued service to Toyota," said Taguchi. "During his tenure, he has helped to enhance Toyota's corporate reputation in North America and he has built one of the strongest External Affairs organizations in the auto industry."

One of the longest serving externals affairs chiefs in the auto industry, Olson has been with Toyota more than 18 years. He spent 16 years in various public affairs positions at Ford Motor Company before joining Toyota. During his tenure, he helped form the Alliance of Automobile Manufacturers (AAM) as well as Automotive Retailing Today (ART) -- a joint venture association involving major automakers and the National Automobile Dealers Association. He also was the first chairman of the Automotive Hall of Fame from a foreign- owned automaker.

Olson will be succeeded by Dennis Cuneo, senior vice president of Corporate Affairs at Toyota Motor Manufacturing North America (TMMNA) in Erlanger, Kentucky. Cuneo began his Toyota career in 1983 at New United Motor Manufacturing (NUMMI), Toyota's joint manufacturing venture with General Motors in California. Prior to that, he was with Arent-Fox, one of Toyota's outside legal firms. He has been with TMMNA since its formation in 1996.