TOYO Co., Ltd (TOYO)

TOYO changed chief executives just before filing this annual report. On March 18, 2026 Junsei Ryu resigned as chief executive and director, a resignation the company says came with no disagreement, and the board named Takahiko Onozuka chief executive, director and chairman the same day. Onozuka brings over 40 years in international finance, energy infrastructure and decarbonization: 28 years at the Export-Import Bank of Japan, which became the Japan Bank for International Cooperation; Sumitomo Corporation from October 2012 to August 2025; and, from September 9, 2025, general manager of the decarbonization office at Abalance Corporation, a company listed on the Tokyo Stock Exchange. 123456

The other two executives arrived in early 2024 and joined the board in July 2024. Taewoo Chung has been chief financial officer since March 1, 2024, having joined Abalance as its executive officer for finance that January; from August 2017 to December 2023 he was managing partner of Golden Equator Group, a Singaporean finance group, and earlier held senior roles in the Nomura Group. Dr. Aihua Wang, chief technology officer since January 2024, is a solar cell scientist: head of research and vice president at China Sunergy, a Nanjing module maker, from 2007 to 2015, and a senior research fellow at the photovoltaics centre of the University of New South Wales from 2000 to 2015. 7891011

The board has seven members: the three executives and four directors who joined in July 2024, when the merger that listed the company closed. They are Alfred Hickey, more than 20 years in the cruise industry and a former director of BWAQ, the blank-check company TOYO merged with; Anders Karlsson, a professor of quantum photonics at KTH Royal Institute of Technology; Hiroyuki Tahara, who founded the mergers adviser Core Competence Corporation in July 2003; and June Han, senior corporate counsel at Renesas Electronics from February 2020 to May 2023. Control sits elsewhere. Junsei Ryu, the former chief executive, holds 80.4% of the shares through two Cayman Islands companies, WAG and BestToYo, making TOYO a controlled company that may skip some Nasdaq governance rules; the filing also names Abalance Corporation, listed in Tokyo, as its controlling shareholder, whose board or president must approve certain large transactions. The Tokyo Stock Exchange fined Abalance 43.2 million yen in January 2026 after it corrected past accounts. On the record this site holds, six of the seven filed their first insider reports with the SEC in March 2026. 1213141516171819202122232425

At the end of 2025 TOYO had 2,552 full-time employees; 2,069 of them, 81%, work in manufacturing, 120 in technology and development, 151 in operations, purchasing, warehousing and logistics, 204 in general administration and just 8 in sales. None is covered by a collective bargaining agreement. The Ethiopia plant has created about 1,800 jobs, against an original estimate of up to 880. The company says its managers average 21 years in the solar industry, and it is putting in a Japanese-style management system that keeps decisions close to the factory floor. 262728293031