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

Article by Christian Andrei, 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

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