Ultimately Toda had to resign his position on November 12, 1950 due to his business failures. He regarded these business failures as "divine retribution for failure to devote himself to leading Soka Gakkai." After deep reflection he assented to the role of second president on May 3, 1951. At that time the membership consisted of approximately 3,000 families. At his inauguration he announced to the 1500 assembled members his determination to reach a membership of 750,000 families before his death, a target that was met with disbelief from most of the attendees.