New Toyota CEO takes 30% pay cut, sees no recovery for two years
Akio Toyoda, the new President of Toyota and grandson of company founder Kiichiro Toyoda, is predicting another two years of tough times for the auto industry. In order to stay afloat, the Japanese automaker, under the direction of Toyoda, will build more autonomous operations in North America and concentrate on a more region-specific lineup to help the company pull through the recession.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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Reader Comments (Page 1 of 2)
Coolio 4:40PM (6/25/2009)
Am I the only one who thinks that this comment is a waste of time and space ? My comment is too, but was made necessary by the first comment.
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Bigbuck17 4:41PM (6/25/2009)
He's crazy I wouldn't take a pay cut,I would tell them its not my fault now give me all my cheese fool.
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Coolio 4:55PM (6/25/2009)
Exactly the sort of sense of entitlement that is causing the decline of American society. Government employees with barely a high school education getting $30 per hour for giving terrible service and getting a pension plan. And then striking because they want more...
...earn your pay, nobody owes you anything. Earn it and then you'll get your cheese. if you don't earn it, you should not get it, fool.
Bigbuck17 5:08PM (6/25/2009)
@colio
What's wrong with just having a high school education,I damn sure can't afford college so Im not going.If I could work my way up to a job that pays $30 a hour I would be happy.All of my siblings have done it without college and there getting cheese, fool.
chineyz954 5:31PM (6/25/2009)
Wow BigBuck! You don't have to go to school if you don't want to, but please pick up a book. The brain drain has long been the silent threat to this nation, but thanks to the internet it is louder than ever.
anonymous j 5:36PM (6/25/2009)
@bigbuck
nothing's wrong with just a high school education, but when you're getting beat out not just inside the country but around the world by dudes/ladies with better education you shouldn't really be surprised. you say you can't afford college, but where there's a will there's a way.
jsmaikell 8:07AM (6/26/2009)
I couldn't afford college, but I took loans as an investment in my future. I see no reason that with just high school education you can't support yourself with a living wage. However I made the investment and so have many others, they therefore deserve more.
America is about the chance to do great, achieving it is left to the individual.
Tony 4:43PM (6/25/2009)
While the savings achieved alone from this are peanuts, he is doing far more than just saving Toyota a few million. He is sending a message to his company, that he is in it 100%. Its pretty hard to take seriously something the boss doesn't do.
"It's not about the money, its about sending a message."
Too bad they don't teach that in business school.
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remusrm 4:42PM (6/25/2009)
why useless?
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remusrm 4:46PM (6/25/2009)
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
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remusrm 4:47PM (6/25/2009)
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
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Acefighter 4:49PM (6/25/2009)
How about before you bash the CEOs, you learn to speak in a coherent manner?
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remusrm 4:51PM (6/25/2009)
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
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Coolio 4:57PM (6/25/2009)
One incomprehensible comment and then a triple.
You're on a roll, Rsmusrm.
paul34 4:52PM (6/25/2009)
Has to be one of the first Korean/Japanese CEOs I've seen who actually are smiling for an official portrait.
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Wobbly_ears 5:01PM (6/25/2009)
In Asia, leaders were expected to have a stern, serious look about them. There's a reason why you wouldn't find politicians or business leaders smiling in official portraits. Smiling was/is considered flippant & business is too serious for flippancy & brook no nonsense. But these days the culture is changing & younger workers & management tend to follow the western way of doing business. As the old guards retire, expect to see more friendly managements in Asian companies.
This is also the reason why Asian car plants have workers in smart uniforms while American workers in faded T-shirts & baseball hats.
remusrm 4:54PM (6/25/2009)
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
Reply
Coolio 4:59PM (6/25/2009)
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
Is not just the message, but in any case, I would take a salary cut then be on the unemployment line... some people can not see the pros and cons of such things.
We get it.
amnigo 4:54PM (6/25/2009)
I know. Those rat bastards only took a 99.99999% pay cut.
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Coolio 5:02PM (6/25/2009)
Enough already !!!!
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