LONDON, May 14 (Reuters) - Toyota Motor Co (7203.T: Quote, Profile, Research) is planning one of the most drastic management overhauls in its 70-year history next month when Akio Toyoda, grandson of the Japanese car company's founder, takes over as chief executive, the Financial Times reported on its website on Thursday.

The company will replace 40 per cent of its senior managers and is said to be preparing a sweeping reorganisation of its key North American business that would unify its separate sales and manufacturing arms, the Financial Times said.

No one at the UK operations of Toyota, which earlier this month forecast a much bigger-than-expected $8.6 billion loss this year, could immediately be reached for comment. [ID:nT35817] (Reporting by David Holmes; Editing by Tim Dobbyn)