Akio Toyoda reelected as chairman of Toyota Motor!

On June 18, Toyota Motor held its 2024 annual shareholders meeting at its headquarters in Toyota City, Aichi Prefecture, Japan. Akio Toyoda was elected as the chairman (chairman of the board) once again. At the same time, vice chairman Shigeru Hayakawa, president Koji Sato, executive vice president Hiroyuki Nakajima and Yoichi Miyazaki, among 9 board members, were re-elected.

Despite being re-elected, the support rate has dropped significantly. According to the disclosed data, the support rate for Akio Toyoda's election as chairman is only 71.93%, a historical low, and more than a quarter of Toyota's shareholders opposed the re-election. For comparison, the support rate in 2023 was 84.57%, and the support rate in 2022 was 95.58%. It is not difficult to see that the dissatisfaction of Toyota's shareholders with Akio Toyoda is gradually accumulating.

This dissatisfaction stems from the fake scandal exposed at the beginning of the month, which not only seriously damaged Toyota's reputation, but also caused the stock price to fall, currently it has fallen 10.5%, directly causing shareholders to question the company's governance and internal management.

Against this background, the fact that Akio Toyoda was able to be re-elected as chairman reflects his status and influence within the company on the one hand, and on the other hand, it is due to the significant growth in Toyota's revenue and net profit in 2023, demonstrating superior business performance.

It is worth mentioning that, at the meeting, there was a questioner who criticized Toyota for allowing Akio Toyoda to treat car racing as a personal hobby.