The surprise announcement that Toyota (NYSE: TM) CEO and President Akio Toyoda is stepping down from those roles offers the company's shareholders cause for cautious optimism.

The 66-year-old grandson of the company's founder will move into the role of company chairman, a shift that may give the automaker more flexibility to address some of its recent problems. Lexus President Koji Sato will take Toyoda's place as Toyota president and CEO on April 1, the beginning of the company's new fiscal year.

But investors' outlook on Toyota seems decidedly mixed despite the automaker's optimistic sales forecast for 2023. Its stock price is currently mired at the lower end of its 52-week trading range. And over the past year, it's down nearly 25%, while the S&P 500 is off by a little over 9%.

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Source Fool.com