A (mostly) global recession, U.S. auto industry collapse and bailout, and a quick fall oil prices have all had a drastic toll on environmentally directed Toyota Motor Corporation, reporting the worst year in history.

Toyota analysts expect that company President Katsuaki Watanabe, 66, will replace current Chairman Fujio Cho, as Cho moves on to work for the Japanese business association Keidanren.

Watanabe announced rather disappointingly Monday that Toyota expected to declare a $1.7 billion operating loss for the 2008 fiscal year.

This report marks their first operating loss in over 70 years - not quite the wild statement it seems to be, as the company has historically had large backing from the Japanese government in way of subsidies and favorable treatment.

Akio Toyoda, 52, grandson of Toyota founder Sakichi Toyoda, is another candidate for the position on the chair. Toyoda holds an MBA from Babson College in Massachusetts and has significant experience working in management in New York.

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