During Toyota's annual shareholder's meeting yesterday, Akio Toyoda made a formal apology to over 3,000 investors for the company's recent recall disasters.
Akio Toyoda said, "I would like to apologise once again for all the worries we have caused our shareholders, but we've managed to post a profit after a year of losses and I feel like we are finally at the starting line this year."
Happy that the company is on its way back after the estimated $10 billion worth of lawsuits relating to the recalls, in America alone, Toyoda remained optimistic and went on to express the company's future, concentrating on environmental technologies and new markets.
The meeting, held at Toyota's headquarters in Toyota City, was also a chance for Toyoda and major stakeholders to reiterate the steps Toyota is taking to prevent further recall issues in the future. This included giving more flexibility and independence to its international networks and allowing them to assign their own quality repair procedures on their cars, as opposed to waiting for a generic, international criteria to circulate. Toyoda also appointed several local managers to more senior positions around the world, so these new freedoms could be implemented.
(with Automotive News)