Despite stepping down as CEO two years ago, Mr. Akio Toyoda, Chairman of Toyota, remains the highest-paid executive at the world’s largest car manufacturer. His remuneration package is an eye-watering $13.4 million, equivalent to over 350 billion VND.
Salary Increase Despite Profit Dip
The financial year ending March 31, 2025, saw Mr. Toyoda’s compensation rise by 20% from the previous year to 1.95 billion yen. Notably, this amount was paid for his role as chairman, a position he assumed after stepping down as CEO.
Toyota’s adoption of a global standard compensation system and the absence of individual performance evaluation requirements for the chairman position are cited as reasons for Mr. Toyoda’s substantial income increase, despite a 10% dip in the company’s profits in 2024.
Stark Contrast to Current CEO’s Salary
Interestingly, Mr. Akio Toyoda‘s compensation is double that of his successor, current CEO Koji Sato, who earned 826 million yen (approximately 148 billion VND) during the same period. This marks the fourth consecutive year that Mr. Toyoda has been the highest-paid executive at Toyota.
A regulatory disclosure by Nikkei Asia also revealed that at least seven of Toyota’s top executives, including retirees, earned over 100 million yen (18 billion VND) in compensation.
Toyota Sells Fewer Cars but Retains Top Spot
The financial picture for 2024 was somewhat gloomy, with Toyota delivering approximately 10.8 million vehicles, a decrease of 400,000 units from 2023 (11.2 million). This equates to a 3.7% decline. However, Toyota maintained its position as the world’s best-selling car brand for the fifth consecutive year.
Volkswagen came in second with 9 million cars sold, followed by Hyundai with 7.23 million cars sold in the past year.
While Mr. Akio Toyoda‘s $13.4 million remuneration package is notable, he ranks fourth among the highest-paid executives in the automotive industry:
Number 1: Mary Barra, Chairman and CEO of General Motors, earned $29.5 million (771 billion VND).
Number 2: Jim Farley, CEO of Ford, earned $24.9 million (651 billion VND).
Number 3: Carlos Tavares, former CEO of Stellantis, earned $23.9 million (625 billion VND) before stepping down in late 2024.
Mr. Tavares’ successor, Antonio Filosa, will earn approximately $10.2 million (267 billion VND) in his first year at the helm of Stellantis, still less than Volkswagen’s CEO, Oliver Blume, who earns $11.9 million (311 billion VND).
Additionally, Hyundai’s CEO, Euisun Chung, earned $8.8 million (230 billion VND), while former Renault CEO Luca de Meo concluded his tenure with $6.2 million (162 billion VND).
Mr. Akio Toyoda‘s story underscores how, in the automotive industry, honorary roles can sometimes command substantial compensation, especially when associated with an iconic brand like Toyota. Even though he no longer holds the top executive position, Mr. Toyoda remains one of the most influential and well-rewarded figures in the automotive world.
PV (Tuoitrethudo)
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