Toyota boss earned $2.84 million last year after bonus doubles

Akio Toyoda

Akio Toyoda

President of Toyota Motor Corp, Akio Toyoda earned 352 million yen ($2.84 million) in total compensation last year after his bonus doubled to about $2 million, the company told Reuters in a regulatory filing.

Toyoda received a bonus of 249 million yen in the year ended March, up from 127 million yen in the previous year. His base salary was unchanged. His compensation is roughly a third of what Nissan Motor Co. paid its Chief Executive Officer Carlos Ghosn in the same period. However, Toyoda collects considerably more stock dividends than Ghosn.

When including those dividends, Toyoda earned $10.3 million, Bloomberg reported. Toyota boosted its payout to all shareholders in the fiscal year ended March 31 as its profit surged to a record.

Toyoda, 59, is emerging from a period in which he banned the building of new assembly plants to improve Toyota’s efficiency. The world’s largest automaker is now moving forward with plans to build two new factories in Mexico and China before the end of the decade.

Ghosn, 61, has long been the best-paid executive among Japan’s automakers and has been the highest earner across all industries in the country three times since 2010. Nissan earned 458 billion yen last fiscal year and has forecast a third straight annual profit increase.

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