Japan's Toyota Motor Corp. Chairman Hiroshi Okuda stepped down on Friday after 11 years on the posts of president and chairman of the world's second-largest automaker by output, Kyodo News reported.

Okuda's resignation was approved at a board meeting. After being replaced by vice Chairman Fujio Cho, Okuda will become a senior adviser of the company and remain in its board, according to company officials.

Having been a member of Prime Minister Junichiro Koizumi's consulting panels, Okuda is a prominent figure known for his role of carrying business community's influence into the government's policy-making process.

He also had been chairman of the Japan Business Federation, Japan's most powerful business lobby, for four years ending last month.

Source: Xinhua