I love the way Toyota's top brass have taken responsibility for the recalls and cut their own pay. I wish American bankers would do something similar.
Toyota's Chief Apologizes to Shareholders(NYT) TOYOTA CITY, JAPAN -- Akio Toyoda, the president of Toyota, the world's biggest automaker, and the entire board of directors made a total of $15.95 million in the year to March -- $1.5 million less than what a single top executive at Ford, Alan Mulally, made last year.
The ¥1.426 billion in paychecks -- on average $420,000 for each member of Toyota's 38-member board -- reflects the automaker's financial woes amid the global economic crisis, as well as the huge recall scandal at Toyota for which the chief executive has professed personal responsibility.
To atone for the finances and for its handling of the recalls, Mr. Toyoda and top executives have forgone bonuses for two consecutive years.
Read more on Toyota's contrition.
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