Toyota Chairman Akio Toyoda was paid ¥1.62 billion ($10.2 million) in fiscal 2023, up 62% from a year earlier, even after receiving record shareholder support amid a government investigation into vehicle certification from the car manufacturer.
The pay package included his ¥289 million salary and bonus payments worth ¥324 million and about ¥1 billion in the form of stock, according to an annual securities report filed Tuesday. The total, compared with last year’s salary of ¥999 million, made him Japan’s highest-paid executive for the third year in a row.
But it’s still less than what the heads of other global automakers get. Stellantis’ Carlos Tavares earned $39.5 million in 2023, followed by General Motors boss Mary Barra, whose pay package totaled $27.8 million last year.
The car safety probe has angered foreign investors and cast doubt on the company’s leadership. At Toyota’s annual meeting earlier this month, 71.93% of shareholders – the lowest ever since at least 2010 – voted in favor of reappointing Toyoda to the board.
Operationally, Toyota is doing well. The company’s operating profit rose to a record ¥5.4 trillion in fiscal 2023, making it the first Japanese company ever to reach ¥5 trillion. The company also made and sold more than 11 million passenger vehicles, beating Volkswagen to become the world’s No. 1 automaker for the fourth year in a row.
The same report shows that Toyota CEO Koji Sato has received ¥623 million since his appointment to the board in June 2023.
