Toyota Motor will keep president Fujio Cho in his current position beyond June, when his current term expires, Dow Jones reported, citing the Yomiuri Shimbun website.

Dow Jones noted that some insiders had been speculating that Cho, 67, would retire in June because Toyota sets the retirement age of presidents at 65.

However, without quoting sources, the website reported that Toyota has decided to keep Cho at its helm because large-scale investment projects, such as the construction of new production facilities in Europe and the US, are still in progress, Dow Jones said.