Toyota’s president apologized to shareholders for the car maker’s recall troubles

Article by Christian A., on August 25, 2010

At the annual shareholders' meeting, Toyota Motor Corp. President Akio Toyoda offered shareholders an apology for the massive recalls and all the repercussions from them.

He also gave assurances about a fresh beginning and a growth strategy centered on emerging markets and environmental leadership. More than 3,000 shareholders attended the meeting at Toyota's headquarters in Toyota City.

Toyoda, the grandson of Toyota's founder, said that the company was able to "post a profit after a year of losses" a feat which he says placed the company at the "starting line" this year. The shareholders' meeting, which lasted two hours, ended with not a lot of drama.

A few shareholders even took the opportunity to give words of encouragement Toyota, which faces potential civil liability estimated at more than $10 billion from lawsuits in the US.

The issue of executive compensation wasn't even discussed (unlike Nissan Motor Co.'s annual general meeting the previous day).

Toyota's 38 directors, who are all Japanese, made 37.5 million yen ($417,000) on average last year, a pittance compared to the 980 million yen that Nissan CEO Carlos Ghosn got.

Topics: toyota, recall

If you liked the article, share on:

Pin It

Comments

Recommended

It’s quite safe to say that this generation marks the rise of the electric cars. For the past few years, automakers have been very busy trying to find the perfect...
by - March 28, 2017
Want to go for a sportier look, but don’t have enough cash to burn? Good news for future Ford Edge buyers, as the 2018 model year will have an optional...
by - March 28, 2017
Audi refreshes its portfolio as its go-faster division officially announces the release of six new RS models by the end of 2018. That’s quite a huge number of cars to...
by - March 28, 2017
Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries