The changes were confirmed at a board meeting following the company's annual shareholders' meeting.
The world's largest automaker is grappling with the worst slump in its 72-year history, including declining volume in many of its key markets and a record financial loss in the most recent fiscal year.
Toyoda, 53, is the grandson of Toyota founder Kiichiro Toyoda, who established the automaker as a division of the family-owned Toyoda Automatic Loom Works, then spun it off as a separate company in 1937.
Akio Toyoda succeeds Katsuaki Watanabe, who was confirmed as vice chairman.
Leaving the board are two key executives, both former presidents of the company: Hiroshi Okuda and Shoichiro Toyoda, who is Akio Toyoda's father.
Toyota also confirmed that it is bringing back Yoshimi Inaba as a director and head of the company's North American operations.
Inside Line says: Scions around the world are struggling with how to mend family businesses. — Paul Lienert, Correspondent
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