Toyota Motor Corp, the world's largest automaker, will replace most of its top management later this year as incoming President Akio Toyoda aims to return the automaker to profit, people familiar with the matter said.

Toyoda, who will succeed Katsuaki Watanabe in June, will replace the company's other four executive vice presidents and "many" of the 19 senior managing directors, said the people, who asked not to be identified because the changes haven't yet been announced. Watanabe will become vice chairman.

Toyoda, the 52-year-old grandson of founder Kiichiro Toyoda, will have to stanch the carmaker's sales slump as it forecasts the first operating loss in 71 years. He may curb the expansion strategy that allowed the company to top General Motors Corp. in sales for the first time last year.