TOKYO — Toyota Motor Corp. Chairman Akio Toyoda will be facing some disgruntled shareholders this week as two major proxy groups demand a vote against keeping the grandson of the automaker’s founder on its board. The vote expected Tuesday at the annual shareholders meeting comes after Toyota apologized recently over fraudulent certification tests for vehicles, a major embarrassment for a company that prides itself on a reputation for excellent quality.
Toyota chairman apologizes for cheating on vehicle testing and halts production of three models In the U.S., shares in the automaker rose over the past five years to a mid-March peak of $255 before sliding to close Friday at $197 on the New York Stock Exchange. Institutional Shareholder Services, majority owned by the German capital market company Deutsche Borse Group, which advises investors, said in its proxy report that Toyoda “should be considered ultimately accountable.
Toyota chief apologizes for cheating on testing at a group company — again Another major shareholder, proxy advisory company Glass Lewis & Co. recommended voting against the reappointment of Toyoda and Shigeru Hayakawa, another top executive. “More specifically, we believe that Mr.
San Antonio-made Toyota Tundra pickups part of-100,000 vehicle recall, its third since August Tightly held cross-shareholdings among affiliates, long the rule in Japan, are gradually unraveling but longstanding loyalties are likely strong enough to keep Toyoda in his post. Last year, he won re-election with nearly 85% of the vote, although that was down from 96% in 2022.
Toyota racks up record profit, but earnings to decline this year as it invests in tech, suppliers “We really do not see any deterioration in the company’s culture or how the company is being managed.” In his apology over the latest problems, Toyoda referred to how he had faced a massive recall scandal in the U.S., shortly after becoming chief executive in 2009, over what was called “unintended acceleration.” Toyoda was questioned by Congress, and apologized.