Kazuhiro Tsuga, President of Panasonic Corporation, is now expected to assume the position.

Toyoda, named chief executive officer of the year in a recent survey of Japanese small-business leaders, has played a major role alongside Tokyo 2020 chief Yoshirō Mori since being appointed last March.

This has included being heavily involved in the process to select a new Tokyo 2020 Emblem after the initial one was scrapped following plagiarism allegations. 

He will remain in his position as chair of the Japan Business Federation’s Committee on the Tokyo 2020 Olympic and Paralympic Games, where he will lead the efforts of the business community to provide further support.

“I feel it is vitally important that the Organising Committee and Japan’s business community further strengthen their collaborations prior to the Rio 2016 Games," Toyoda said in a statement today.

"I have therefore decided to reorganise my roles and further intensify my efforts to encourage the business community to actively support the delivery of the 2020 Games.  

“I am looking forward to forging even closer ties between the Organising Committee and Japan’s business community, and I am determined to work even harder to ensure the successful delivery of the 2020 Games.”

Tokyo 2020 Councillors will meet in the "near future" to approve the appointment of a new Executive Board member.

Tsuga is expected to assume the position, with confirmation to be formally announced immediately after the decision is made.

This comes after a tumultuous year for the organisers in which, as well as the problems with the emblem, the design for the new Olympic Stadium was abandoned on the orders of Japanese Prime Minister Shinzō Abe due to rising costs. 

Two new designs were released last week, although construction is not expected to begin until 2017.