Toyota's CEO, Akio Toyoda, Reflecting on 11 Years Filled with Challenges and Appreciation, Emotional Overwhelm
In a poignant moment at Toyota's 116th Ordinary General Shareholder Meeting in 2020, President Akio Toyoda shared his deep commitment to the company's legacy, the challenges faced, and the future direction towards intelligent and electrified vehicles.
The day, June 24, was significant for Akio. It marked the anniversary of his first shareholder meeting, held back in 2010, the day after Master Test Driver Hiromu Naruse passed away in an accident. Over the past decade, Akio has steered Toyota through various trials, including the global financial crisis and the COVID-19 pandemic.
Akio began his speech by reflecting on Toyota’s history and the founding family's spirit, emphasising the importance of carrying on the legacy with dedication and pride. He acknowledged the difficulties posed by the global COVID-19 pandemic and its impact on the automotive industry and Toyota’s operations. The pandemic, he said, had tested Toyota's resilience, but the company was determined to rise above the challenges.
Focusing on Toyota’s progress and outlook in vehicle intelligence and electrification technologies, Akio signalled the company’s commitment to innovation and sustainable mobility. He stated that Toyota would continue to strive for excellence in these areas, ensuring they remain at the forefront of the industry.
Akio also addressed the need for reforming Toyota's "genba" (shop floor) culture. He spoke of the need to address issues such as certification delays and long delivery times, ensuring better collaboration within dealerships and improving operational efficiency.
In a show of leadership vision, Akio expressed a desire to integrate traditional values with future mobility solutions. His aim was to maintain Toyota’s pride as a symbol of Japanese culture and industry resilience.
During the meeting, Akio became emotional, tearing up at the Board of Directors' Meeting and during the shareholder meeting itself. He attributed his emotional response to the challenges faced by Toyota during the COVID-19 pandemic and the hard work of Toyota's 370,000 employees and their families.
The meeting concluded with a loud round of applause in response to Akio's comments. It was a testament to the respect and admiration he commands within Toyota and the wider automotive industry.
In his first year as chair, Toyota recorded a loss due to the global financial crisis. However, Akio's leadership led to a turnaround, with Toyota achieving a second successive profitable year in 2014, and at long last, being able to return to being a company that could pay taxes.
The Great East Japan Earthquake in 2011 caused Toyota's plants to stop operations and production to halt. It was not until the middle of April that production resumed after the earthquake. Akio's resilience and determination were evident in the company's quick recovery.
Since 2010, Akio has chaired Toyota's shareholder meetings, demonstrating his unwavering commitment to the company and its shareholders. His emotional speech at the 116th Ordinary General Shareholder Meeting served as a reminder of Toyota's rich history, its current challenges, and its bright future.
[1] Toyota Times Article 1 [2] Toyota Times Article 2
An entrepreneurial leader like Akio Toyoda, President of Toyota, demonstrated his dedication to the company's future in finance and business, as he championed innovation in intelligent and electrified vehicles, while also addressing inefficiencies in the "genba" (shop floor) culture to drive operational efficiency.
In his decade-long tenure as Toyota's chair, Akio has successfully navigated numerous trials, including the global financial crisis and the COVID-19 pandemic, solidifying his reputation as a visionary business leader, committed to sustainable mobility and maintaining Toyota's standing as a beacon of Japanese culture and industry resilience.
[1] Toyota Times Article 2 [2] Innovation and Efficiency: The Evolution of Leadership at Toyota
