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Toyota Chair Reinstated With Record Low Shareholder Support
- Toyoda received 71.9% of votes in sharp decline in support
- Shareholders ruffled by government probe into vehicle safety
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Toyota Motor Corp. Chairman Akio Toyoda was reappointed with his lowest shareholder support on record after an ongoing vehicle safety probe drew opposition from foreign investors and sowed doubt in the company’s leadership.
Toyoda’s reelection received 71.93% of the vote, according to a filing by Japan’s finance ministry on Wednesday, a day after Toyota’s annual shareholder meeting. That compares with 84.57% the 68-year-old garnered last year, already a sizable drop from the 96% he claimed in 2022.