Akio Toyoda, Toyota's chairman, received a total of 999 million yen in compensation in the fiscal year ending March 2023, up 46% from 685 million yen in the same period, of which about 735 million yen came from stock options, according to Toyota's annual filing. It is understood that this is the highest salary in Toyota's history.
Although Akio Toyoda has set a record high salary for all previous presidents, it is not high compared with other European and American car companies CEO. On the whole, among the CEO annual salaries of car companies, European and American companies have the highest annual salary, followed by Japanese car companies, followed by domestic car companies.
GM CEO Mary Barra's total compensation was close to $29 million in 2022, making it the highest-paid CEO of the three Detroit automakers (Ford, GM and Stellantis) for the eighth year in a row, according to GM filings with the Securities and Exchange Commission (SEC).
In addition to Mary Berra, two other Detroit automakers also earn more than 100 million yuan a year in CEO. Jim Farley of Ford and Tang Weishi of Stellantis Group earn about 145 million yuan and 177 million yuan respectively. It is worth noting that Tesla CEO Musk announced a salary of 0. According to public reports, Musk developed a decade-long compensation plan as early as 2018. Under the plan, Tesla will not have to pay any salaries and cash rewards to Musk over the next decade, but will receive $78 billion in stock options if Musk leads Tesla to meet the market capitalization and performance targets set by the board. Therefore, Musk's income in Tesla over the past decade may be stock options directly linked to Tesla's market capitalization and performance. In other words, Musk's main income is stock option incentives, which have not yet been announced. But that doesn't stop him from being a strong contender for the world's richest man.
Nissan and Honda also reported executive pay, with Makoto Uchida, chief executive of Nissan, earning 673 million yen last fiscal year, while Honda chief executive Toshihiro Mibe received 348 million yen.
Admittedly, the change in Toyoda's salary is related to Toyota's performance growth. In 2022, Toyota Motor Group sold 10.558 million vehicles worldwide, an increase of 1.7% over the same period last year, once again surpassing Volkswagen to become the world's number one car company, of which Toyota sold 8.822 million vehicles worldwide, an increase of 7.2% over the same period last year.
According to the financial report, Toyota's global sales in fiscal year 2022 (April 2022 to March 2023) were 37.15 trillion yen, up 18.4% from the same period last year; operating profit was 2.73 trillion yen, down 8.7% from the same period last year; pre-tax profit was 3.67 trillion yen, down 8.1% from the same period last year; net profit was 2.45 trillion yen, down 14.0% from the same period last year
Takeshi Uchiyamada officially stepped down as chairman and was replaced by Akio Toyoda, who stepped down as Toyota's president and was replaced by Koji Sato, Toyota's chief brand officer and head of the Lexus brand.
Today, the global automobile pattern has entered a new stage, but Akio Toyoda has publicly criticized electrification many times, and is often evaluated by foreign media as "too stubborn", and some media even think that it "hinders the development of Toyota." Toyota, as one of the largest automobile groups in the world, is "lagging behind" in the electrification process. In fiscal year 2022, Toyota sold a total of 2.849 million electrified models, an increase of 5.4% over the same period last year, of which only 38000 were pure electric vehicles, up 130.2% from the same period last year.
Akio Toyoda's retirement, coupled with Toyota's new organizational structure and a series of personnel changes, have led to a re-examination of Toyota as a sign that Toyota has fully evolved and entered a new era. Toyota President Eiji Sato said that in the future Toyota should aim to achieve growth and create a future of integration of cars and multi-industries, increase of added value, and transformation to the mobile industry.
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