Toyota Motor Corp.'s next president will be Akio Toyoda, the grandson of the Japanese automakers' founder, a report from the Wall Street Journal said on Sunday quoting sources familiar with the matter.

Toyoda, 52, would be the first member of the founding family to be in charge of the company. He was previously an executive vice president of Toyota since 2005 but will likely take his new position officially in June, the report stated.

Under the shrinking economy, Toyota faces a decline in sales expected to result in its first annual operating loss in 70 years.

American Depositary Shares of Toyota were trading down 1.92 percent or 1.30 cents to $65.23 a share by 12:30 p.m. on the New York stock Exchange Monday.