New Toyota CEO takes 30% pay cut, sees no recovery for two years
While the company will be steered "back to basics," the changes will not involve plant closures – Toyota wants to make sure it retains capacity for when the market bounces back. Toyoda will also personally take a 30% pay cut this year. "The new Toyota sets sail in very stormy waters," said Toyoda at his first news conference. "But right now we're working at full speed to cut costs and jump-start sales with the support of various government incentives being rolled out... We want to do everything possible to avoid a third consecutive year of losses."
[Sources: Reuters / Reuters]
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