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Even Outside the CEO Position, Akio Toyoda Received US$ 13.5 Million and Became the Highest-Paid Executive in Toyota History.
The former CEO of Toyota, Akio Toyoda, may have left the top job over two years ago, but he remains on top. Serving as chairman of the board, he has just set a historical record: he received US$ 13.5 million in the last fiscal year, ending on March 31, equivalent to 1.95 billion yen.
This amount makes him the highest-paid executive in the history of the Japanese automaker. Information from the specialized site carscoops.
20% Salary Increase
The amount received by Toyoda represents a 20% increase compared to the fiscal year 2023.
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This change aligns with a new Toyota policy that now bases the salaries of its top executives on global standards. Additionally, the automaker has eliminated performance performance evaluations for the chairman and the CEO.
Even with the increase, Toyota experienced a 10% decline in consolidated operating profit, which reached 4.8 trillion yen (about US$ 28 billion). Production also decreased, and costs increased. Nevertheless, Toyoda’s earnings were unaffected.
Current CEO Received Much Less
While Toyoda topped the company’s compensation ranking, the current CEO and president, Koji Sato, received significantly less: 826 million yen, equivalent to US$ 5.67 million.
A regulatory document cited by Nikkei Asia showed that at least seven other Toyota executives, including a former board member, earned more than 100 million yen (around US$ 687,000) each.
Comparisons with Other Industry Leaders
Although it seems high, Toyoda’s salary is far from the largest among heads of global automakers.
The CEO of General Motors, Mary Barra, received US$ 29.5 million last year.
Jim Farley from Ford received US$ 24.9 million. Carlos Tavares, former Stellantis, earned US$ 23.9 million before resigning early due to poor performance.
The new CEO of Stellantis, Antonio Filosa, could earn up to US$ 10.2 million in his first year.
Other key executives also had substantial salaries.
Oliver Blume from Volkswagen received around US$ 11.8 million. Euisun Chung from Hyundai took home US$ 8.8 million, and Luca de Meo from Renault received US$ 6.2 million.
