TOYO Co., Ltd Announces Leadership Transition

Rhea-AI Summary

TOYO (Nasdaq: TOYO) announced a planned leadership transition effective March 18, 2026. Junsei Ryu retired as CEO and Chairman and will serve as an advisor for a 12-month transition period.

Takahiko Onozuka was appointed CEO and Chairman, bringing over 40 years of global experience in finance, energy infrastructure and decarbonization.

The company said the new leadership will focus on advanced solar technologies, resilient supply chains, and strategic partnerships to support future growth.

Positive

• Formalized 12-month advisory transition from outgoing CEO Junsei Ryu
• Appointed Takahiko Onozuka with 40+ years of global energy experience

Negative

• CEO succession creates short-term governance transition risk for TOYO

News Market Reaction – TOYO

+1.84%

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+1.84% News Effect

On the day this news was published, TOYO gained 1.84%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

TOKYO, March 18, 2026 /PRNewswire/ -- TOYO Co., Ltd (Nasdaq: TOYO) (OTC: TOYWF),  ("TOYO" or the "Company"), a solar solution company, today announced a planned leadership transition and the strengthening of its executive team to support the Company's next phase of growth.

CEO and Chairman Retirement

The Company announced that Junsei Ryu retired from his role as Chief Executive Officer and Chairman of the Board effective March 18, 2026.  Mr. Ryu plans to continue to serve as an advisor to the Board for a 12‑month transition period to ensure an orderly handover of responsibilities.

"The Board is deeply grateful to Mr. Ryu for his exceptional leadership in taking the Company public in 2024, driving our expansion into Ethiopia and the U.S., and for his unwavering commitment to our customers, partners, and employees," said Alfred "Trey" Hickey, an Independent Director of TOYO. "He has positioned the Company on a strong footing, with a clear strategy and a robust balance sheet, and we wish him the very best in his retirement."

Appointment of New CEO and Chairman

Mr. Takahiko Onozuka is appointed as CEO and Chairman of the Board as of March 18, 2026. He is an accomplished global executive with over 40 years of experience in international finance, energy infrastructure, and decarbonization. He has strong track record in project and structured finance, business origination, risk management, and stakeholder engagement across Asia, Europe, the Middle East, and Africa.

Prior to joining the Company, he held senior roles at Japan Bank for International Cooperation ("JBIC") and Sumitomo Corporation, leading major cross‑border projects in oil and gas, power generation, liquefied natural gas, railways, and renewable energy. Since September 2025, he has served as General Manager of the Global Decarbonization Promoting Office at Abalance Corporation, driving key energy transition initiatives.

Mr. Onozuka holds a Bachelor of Laws (LL.B.) from Waseda University, has completed advanced coursework in physics and engineering at Tokyo Institute of Technology, and holds multiple nationally accredited certifications in energy management and power systems.

"I am honored to be chosen to lead TOYO at such an exciting moment for the Company and the solar industry," said Mr. Onozuka. "Building on the strong foundation the team has created, we will continue to invest in advanced solar technologies and resilient supply chains, deepen our strategic partnerships, and deliver sustainable, long‑term value for our shareholders."

About TOYO Co., Ltd.

TOYO is a solar solutions company committed to becoming a full-service solar solutions provider in the global market, integrating upstream production of wafers and silicon, midstream production of solar cells, downstream production of photovoltaic modules, and potentially other stages of the solar power supply chain. TOYO is well-positioned to produce high-quality solar cells at a competitive scale and cost.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "look forward to," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled "Risk Factors" in TOYO's annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in TOYO's subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. TOYO specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

Contact Information:

For TOYO Co., Ltd.
IR@toyo-solar.com

Crocker Coulson
Email: crocker.coulson@aummedia.org
Tel: (646) 652-7185

View original content:https://www.prnewswire.com/news-releases/toyo-co-ltd-announces-leadership-transition-302717449.html

SOURCE TOYO Co., Ltd

FAQ

Who is the new CEO and Chairman of TOYO as of March 18, 2026?

The new CEO and Chairman is Takahiko Onozuka, appointed effective March 18, 2026. According to the company, he brings over 40 years of international experience in finance, energy infrastructure, and decarbonization, including roles at JBIC and Sumitomo Corporation.

What role will former CEO Junsei Ryu play after retiring from TOYO on March 18, 2026?

Junsei Ryu retired as CEO and Chairman and will serve as an advisor for 12 months. According to the company, this advisory period is to ensure an orderly handover of responsibilities during the transition.

What are Takahiko Onozuka's stated priorities for TOYO after his March 18, 2026 appointment?

Onozuka plans to invest in advanced solar technologies and resilient supply chains. According to the company, he will deepen strategic partnerships and aim to deliver sustainable, long-term shareholder value.

How does TOYO characterize Junsei Ryu's tenure upon his March 18, 2026 retirement?

TOYO credited Ryu with leading the company public in 2024 and expanding into Ethiopia and the U.S. According to the company, the board said he positioned TOYO with a clear strategy and a robust balance sheet.

Does the leadership change at TOYO include any immediate financial guidance or operational changes?

No immediate financial guidance or specific operational changes were announced alongside the leadership change. According to the company, the focus highlighted is on strategy, technology investment, partnerships, and supply-chain resilience.