Last quarter Toyota reported it’s first period loss in history, even beating out General Motors in terms of red ink. In the land of the rising sun, this is considered an epic fail. And as such, falling on swords ensued. Toyota Motor Corp. will be replacing as much as 40% of senior management. First up to go will be sitting president Katsuaki Watanabe. His replacement will be none other than heir to the throne, Akio Toyoda, grandson of founder Kiichiro Toyoda. The rest of the appointments will be announced on June 23 at the annual shareholders’ meeting.