Outgoing Chair Akio expresses his farewell sentiment in "Arigato" message
Toyota's General Shareholders' Meeting: Akio Toyoda Bids Farewell After 14 Years
At Toyota City, Aichi, on June 14, 2024, the company's head office played host to a significant event. The General Shareholders' Meeting marked the last time Chairman Akio Toyoda would preside, after 13 years as president and a decade as chairman. The meeting, attended by 3,774 shareholders, was a testament to Toyota's enduring strength and its readiness to face the future.
During his tenure, Akio Toyoda focused on preserving Toyota's core legacy and corporate culture rooted in craftsmanship and innovation. He sought to protect the company's foundational values while driving significant change towards future mobility, sustainability, and digitization.
Akio Toyoda's initiatives were far-reaching. He reinforced Toyota's cultural heritage by safeguarding the family legacy and emphasizing the importance of cars as part of Japanese life and culture. He drove innovation through business creation and new ventures, fostering a startup spirit within Toyota to pursue breakthrough technologies and new business domains.
Advancing production site modernization was another key focus, with digital tools combined with expert craftsmanship to improve manufacturing efficiency and quality. Akio Toyoda also promoted sustainability and carbon neutrality, with initiatives such as carbon-neutral projects internationally and decisions reflecting environmental responsibility.
Under his chairmanship, the Toyota Mobility Foundation focused on safety and zero traffic casualties, development of mobility technologies, and collaborations with public agencies to advance accident prevention methods. Toyota's expansion into new mobility sectors, such as urban air taxis, also saw significant progress.
Akio Toyoda maintained employee engagement and corporate culture during transformation, with events and candid advice sessions where he shared his personal experiences and encouraged workforce alignment with corporate values and future visions.
Akio Toyoda's decisions often went against the currents of time and Toyota's conservative mainstream. He spent more time on the frontlines than in the president's office, inspiring a growing number of people with his actions and vision. Many employees may have learned from Akio's actions that they too can change themselves and the future.
In his final message, Akio Toyoda stated that his role was the rearguard, protecting Toyota's corporate culture and future, specifically the genba (worksite). His goal is for his generation to be the last to spend time on the past.
The meeting included 11 questions from the audience, covering various topics such as the 14 years under President Toyoda, aspects to be inherited and changed under the new team, and Toyota's electrification strategy. Akio Toyoda was greeted with tremendous applause at the end of his speech, marking a moment of mutual appreciation.
President Koji Sato called for a change in the future of cars, and the audience listened attentively, showing a willingness to embrace change. Three resolutions were approved, including the election of 10 board members, Chairman Toyoda and President Koji Sato among them.
As Akio Toyoda steps down, the battle to change the future for carmakers has already begun under his leadership. The shareholders offered encouragement to Akio through the general meetings, expressing pride in the company's employees, stating that they are all carmakers who can change themselves and the future.
[1] Toyota Global Website [2] Nikkei Asia [3] The Toyota Mobility Foundation [4] Toyota AI Ventures
- In the realm of finance, Akio Toyoda's strategic decisions, such as investment in innovation, sustainability, and digital tools, significantly shaped Toyota's business model during his tenure.
- Despite stepping down as chairman, Akio Toyoda's leadership principles will continue to influence the future direction of Toyota, especially in the areas of business creation, employee engagement, and commitment to corporate values.
