In a surprising turn of events, several key investors of Toyota Motor Corp (NYSE:TM) have voiced their intention to vote against the re-election of former CEO Akio Toyoda to the board of directors.
What Happened: These investors are apprehensive about Toyoda’s continued influence over the company, despite his resignation as CEO in 2023, The New York Times reported on Monday. Toyoda, who spearheaded Toyota’s rise to the pinnacle of the automotive industry during his 14-year tenure, is perceived by some board members as having too much-unregulated influence within the company.
Toyoda’s gamble on hybrid gas-electric vehicles last year led to Toyota recording the largest annual profit in Japanese history. However, his ongoing involvement in significant projects has sparked concerns about the necessity for ...