The chairman of Toyota was re-elected amid a $33 billion acquisition offer
On Thursday, Toyota Motor shareholders re-elected Akio Toyoda as chairman, demonstrating the backing of family investors despite the fact that foreign shareholders are criticizing the Japanese automaker’s $33 billion acquisition of a group company.
At Thursday’s annual general meeting, Toyoda, the grandson of the company’s founder and previous executive chairman of the best-selling carmaker in the world, was anticipated to be re-elected. None of the big voter advisory firms that had previously raised concerns about governance opposed him for the first time in three years.
In response to the automaker’s $33 billion buyout offer, which foreign investors have deemed unjust to minority owners, shareholders of the Toyota Industries group firm barraged management with questions on Tuesday. Toyoda did not attend that meeting because he is not a member of the board of directors of Toyota Industries.
In a complicated transaction, President Toyoda would invest 1 billion yen of his own funds in order to privatize forklift manufacturer Toyota Industries and encourage the reorganization of Japan’s most influential business conglomerate.
