Latest news with #KojiSato
Japan Today
2 days ago
- Automotive
- Japan Today
Toyota chairman's pay hits record ¥1.9 billion despite scandals
Toyota Motor Corp said Wednesday its chairman received a pay package worth around 1.95 billion yen for fiscal 2024, the largest in the company's history and up 20 percent from the previous year, despite a reduction tied to a series of quality scandals. Akio Toyoda still received record-high compensation for the fourth straight year, reflecting the Japanese automaker's strong performance. "Compensations for the chairman, vice chairman and president were reduced to reflect their responsibility on the issues," Toyota said, referring to the scandals involving the firm and its subsidiaries. President Koji Sato was paid 826 million yen, while former Vice Chairman Shigeru Hayakawa, who resigned on June 12 following an annual shareholders' meeting, received 365 million yen, according to an annual securities report. Companies in Japan are required to disclose information on executives who receive 100 million yen or more in annual compensation. Following the scandals, the automaker also said in its report that it would work to prevent a recurrence. © KYODO
The Mainichi
2 days ago
- Automotive
- The Mainichi
Toyota chairman's pay hits record 1.9 billion yen despite scandals
NAGOYA (Kyodo) -- Toyota Motor Corp. said Wednesday its chairman received a pay package worth around 1.95 billion yen ($13.45 million) for fiscal 2024, the largest in the company's history and up 20 percent from the previous year, despite a reduction tied to a series of quality scandals. Akio Toyoda still received record-high compensation for the fourth straight year, reflecting the Japanese automaker's strong performance. "Compensations for the chairman, vice chairman and president were reduced to reflect their responsibility on the issues," Toyota said, referring to the scandals involving the firm and its subsidiaries. President Koji Sato was paid 826 million yen, while former Vice Chairman Shigeru Hayakawa, who resigned on June 12 following an annual shareholders' meeting, received 365 million yen, according to an annual securities report. Companies in Japan are required to disclose information on executives who receive 100 million yen or more in annual compensation. Following the scandals, the automaker also said in its report that it would work to prevent a recurrence.
Forbes
3 days ago
- Automotive
- Forbes
More Juicy Details Surface On Toyota's Star Celica Sports Car Revival
The GR Yaris M Concept Photo by Toyota Earlier this year, I reported on a radical new Toyota concept that debuted at the Tokyo Auto Salon. Called the GR Yaris M Concept, it hinted strongly at the powertrain for the next-generation Celica and boasted a gutsy 400-hp 2.0-liter turbo mated to a 6-speed manual gearbox. But as some new information on the coupe has come to light, as exposed in the latest issue of Japan's Best Car magazine, I thought it high time we updated news on the return of this major Toyota sports car. And that news specifically refers to special lightweight body parts, an 8-speed automatic option, two specific grades and a new launch date. The mid-engined M Concept hints at next-gen Celica Photo by Toyota But before we get onto the new data we've sourced, let's go over what we know. Strongly backed by both Toyota chairman Akio Toyoda and CEO Koji Sato, the new Celica will be powered by a next-generation turbocharged inline 4-cylinder 2.0-liter engine pumping out 400-hp and 550Nm of torque. So just to be sure, the new Celica will not employ any hybrid technology whatsoever, but will simply incorporate the GR Yaris M Concept's mid-engined gasoline turbo powerplant and feature a 4WD drivetrain. Toyota has even let on that this concept will compete in race form in Japan's Super Endurance Series starting with the race at Autopolis circuit on July 26-27, as the brand's engineers tweak the powertrain and chassis to maximize feedback for the new Celica. The new Celica will be Toyota's first mid-engined sports car since the MR-S was axed back in mid-2007. We can expect to see the coupe developed at Toyota's Shimoyama proving ground in central Japan, in addition to the 13-mile long Nurburgring in Germany. But of course, the Celica is well-known as a successful rally car, having won three driver championships in the early 1990s. But the all-new Celica will switch from rally to race track as it employs a new personality. According to Best Car, the new information this time round includes a new roof and hood made of carbon fiber, which significantly reduces curb weight while increasing rigidity. This means that this coupe will employ a double rear deck carbon fiber layout, one for the mid-engined hood and one for the trunk. Also to improve all-round visibility, one other update includes a surprisingly upright A-pillar and rounded glass at both sides of the windshield to allow drivers to see as far around the next upcoming bend as possible, which is a must for any good sports car. Expected to be launched in two specs—the RZ and the (race spec) 'RC', the Celica—as mentioned above—was originally expected to just offer a 6-speed manual transmission. But after a rethink, and to make the car more palatable to a wider range of motorists, Toyota will also offer an 8-speed automatic. One other new snippet of information is that Toyota is now telling us that the new Celica's debut will be delayed. The expected launch has been pushed back from spring 2027 to spring 2028, but the prototype is strongly rumored to appear at the 2027 Tokyo Auto Salon in January.
Japan Times
13-06-2025
- Automotive
- Japan Times
Toyota chair reclaims support after scandals that hurt last vote
Toyota Chairman Akio Toyoda's reelection garnered almost 97% of voted shares during the carmaker's annual meeting, marking a comeback from the record low he saw after a series of regulatory scandals led investors to question the business group's leadership. Chief Executive Officer Koji Sato was also reappointed to the board, with a 98% tally, the company said in a statement Friday. The rebound in Toyoda's popularity suggest tacit shareholder approval of how he handled the certification issues, as well as the company's steady performance through an exceptionally hazardous stretch for the global automobile industry. The chairman's reappointment vote was 85% in 2023 — falling below the 90% threshold for the first time in years — and dipped even further to a record low of 72% last year. "The company still achieved high levels of earnings and profitability, while continuing its commitment to shareholder returns,' said Bloomberg Intelligence senior auto analyst Tatsuo Yoshida. "Shareholders appear to have recognized and appreciated these results.' At the meeting, which was held on Thursday, no shareholders asked about Toyota's response to US tariffs on imported cars, nor did they question Toyoda's central role in a contentious bid to privatize to Toyota Industries. Earlier this month, the Toyota group launched a ¥4.7 trillion ($32.4 billion) bid to privatize the supplier of auto parts, forklifts and textile looms. At Tuesday's annual meeting for Toyota Industries, executives spent most of their time fielding questions from individual shareholders who sought an explanation for why the buyout was conducted so abruptly, and why the tender offer fell short of the company's market value. Shares fell among Japanese carmakers on Friday morning in Tokyo after US President Donald Trump said he might raise auto tariffs to boost domestic manufacturing. Three years ago, shareholder proposals and proxy advisers had cited concerns over the carmaker's hesitation to ditch combustion engines and embrace the shift to electric vehicles, but an even bigger source of concern can be traced back to revelations in December 2023 of falsified vehicle safety tests at a pair of Toyota units — Daihatsu and Toyota Industries — then half a year later at the carmaker itself. Toyota pared back production as it sought to recertify affected models in the aftermath, but output has normalized since then, albeit at a lower level. The company's response to the scandals led a pair of firms that advise large investors — Glass Lewis and Institutional Shareholder Services — to vote against Toyoda's reelection in 2024. This year, however, both backed his reappointment.
Bloomberg
13-06-2025
- Automotive
- Bloomberg
Toyota Chair Reclaims Support After Scandals That Hurt Last Vote
Toyota Motor Corp. Chairman Akio Toyoda's reelection garnered almost 97% of voted shares during the carmaker's annual meeting, marking a comeback from the record low he saw after a series of regulatory scandals led investors to question the business group's leadership. Chief Executive Officer Koji Sato was also reappointed to the board, with a 98% tally, the company said in a statement Friday.
