Home / Business and Economy / Honda CEO Apologizes for Record Loss, Secures Reappointment
Honda CEO Apologizes for Record Loss, Secures Reappointment
26 Jun
Summary
- Honda's CEO apologized to shareholders for the company's first annual loss.
- The automaker incurred over $9 billion in restructuring costs for its EV business.
- Shareholders approved the CEO's reappointment and other board nominees.
Honda's Chief Executive Toshihiro Mibe has secured shareholder support for his reappointment to the company's board. This comes after he issued a deep apology for Honda's recent financial results, which marked its first annual loss in seventy years.
The Japanese automaker is undergoing a critical recovery phase following costly strategic missteps. The company's previous fiscal year was significantly impacted by over $9 billion in restructuring expenses allocated to its electric vehicle segment, alongside heightened competition from Chinese manufacturers.
During the annual meeting on Friday, Mibe expressed profound regret to shareholders for the concerns and inconvenience caused by the net loss. Shareholders also approved the company's ten other board nominees, which included nine reappointments and one new director.
