Akio Toyoda resigns from 2020 Olympic Organizing Committee

Akio Toyoda, Toyota Motor Corporation President announced his resignation as Vice Chairman of the organizing committee for the Tokyo 2020 Olympic Games.

The CEO however said that he would remain in his position as the chairperson of the Japan Business Federations’ Committee on the Tokyo 2020 Olympic and Paralympic Games.

Explaining the decision to resign, Toyoda said it was “vitally important” for the organizing committee.

Akio Toyoda stepping down from Tokyo Olympic Committee, Sankei reports. https://t.co/XNvQ3NCX2H What's going on unclear…

— Craig Trudell (@crtrud) December 21, 2015

Toyoda’s resignation comes days after Japan’s public broadcaster NHK announced that Tokyo Olympics 2020 will cost the host organising committee six times more than their original estimate, and will be around 1.8 trillion Yen (14.9 billion Dollars).

Total costs for staging the Tokyo Olympics estimated to be more than 2.1 trillion Yen, will be shared by the committee, the Tokyo government and national government.