Outgoing Chair Akio expresses gratitude in his farewell statement
In a heartfelt address to Toyota's shareholders, Akio Toyoda, the outgoing Chairman of the company, expressed his gratitude for the support he received during his 14-year tenure. The annual General Shareholders' Meeting, held on June 14, 2024, at Toyota City, Aichi, served as an important opportunity for Toyota to reflect on its values and future direction.
During his time as Chairman, Toyoda focused on preserving Toyota's cultural and philosophical foundations amid growth and change. He aimed to safeguard the company's legacy, particularly the "Toyota DNA" handed down from his great-grandfather Sakichi Toyoda. This included maintaining Toyota's corporate philosophy and cultural heritage, known as the Toyota Way, which emphasizes deep employee engagement and continuous improvement.
Toyoda also sought to protect Toyota's reputation for quality and innovation, despite pressures for rapid expansion that once caused quality control issues. He emphasized the importance of making ever-better cars and aiming for best-in-town, rather than best in the world, and protecting Japanese monozukuri above all.
Moreover, Toyoda led efforts to embed cars as an essential part of Japanese culture and guided Toyota through business transformations and innovation efforts. He was at the forefront of the company, spending more time on the frontlines than in the president's office, embodying Toyota's unique values.
The meeting, which was chaired by Chairman Toyoda for the last time, was marked by a moment of mutual appreciation between him and the shareholders. He was greeted with tremendous applause, and the chairman expressed his belief that he managed to leave behind a group of people who will shape Toyota's future.
Three resolutions were approved, including the election of 10 board members. Among those elected were Chairman Toyoda and President Koji Sato. The meeting also included 11 questions from the audience.
President Koji Sato called on all Toyota employees and partners to change the future of cars, and a growing number of people were inspired by Akio's example and drawn to his vision, leading to a solid footing for Toyota's business.
However, a shareholder proposal seeking a climate-related amendment to the company's Articles of Incorporation was rejected. Despite this, Toyota continues to face challenges in balancing growth and quality, as well as adapting to changing societal expectations regarding sustainability.
As Akio Toyoda steps down from his role, he leaves behind a Toyota that can look to the future and take on new challenges, thanks to a supportive shareholder base. His 370,000 global members showed him that one can change oneself and the future. Toyota, under new leadership, will continue to strive towards its mission of making ever-better cars and preserving its unique cultural heritage.
- Despite the rejection of a shareholder proposal seeking a climate-related amendment to the Articles of Incorporation, Toyota, under new leadership, will continue to strive towards its mission of making ever-better cars and preserving its unique cultural heritage, demonstrating Akio Toyoda's emphasis on business innovation and maintaining the company's legacy.
- Akio Toyoda, during his tenure as Chairman, demonstrated strong leadership in both finance and business, aiming to safeguard Toyota's reputation for quality and innovation, while also embedding cars as an essential part of Japanese culture, thereby leading Toyota through business transformations and innovation efforts.
