Detroit Are You Listening? Toyota Trims Executive Bonuses Due To The Downturn

Detroit Are You Listening? Toyota Trims Executive Bonuses Due To The Downturn

Toyota Motor Corp. will cut bonuses to its board members for this fiscal year amid a serious downturn in business due to the global financial crisis, the auto giant announced over the weekend.

The move comes as the company's group operating profit during the latter half of fiscal 2008 (from October 2008 to March 2009) is expected to fall into the red.

The drastic cost cutback in bonuses is aimed at clarifying the responsibility of management for the slump in business and will save about 1 billion yen, the company said.

 


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jt716jt716 - 12/15/2008 12:45:20 PM
-9 Boost
Uhm the big 3 CEOs already have a $1 per year salary.


Agent009Agent009 - 12/15/2008 1:11:48 PM
+10 Boost
Uhm....Only after Congress pressured them, before then it was business as usual.




wooodwoood - 12/15/2008 11:44:47 PM
+2 Boost
And this is just a downturn. Big three CEOs were raking in bonuses and humongous salaries even when they were losing billions the past few years for their "efforts".


Porschefan2Porschefan2 - 12/15/2008 2:02:31 PM
0 Boost
No man, they cant hear you or anyone else, taht's why they are where they are now and the Japs and Europeans, who can see further than their nose will outpace them... This is sad, but true.


veyron1001veyron1001 - 12/15/2008 2:13:04 PM
+7 Boost
Detroit is and always will be the fat slow kid in the race.


weaponXweaponX - 12/16/2008 2:06:34 AM
+1 Boost
Not as much as the Yanks.

It's like comparing a migraine to a heart attack.


weaponXweaponX - 12/16/2008 2:11:41 AM
0 Boost
What color is the sky in your world?


wooodwoood - 12/15/2008 11:46:54 PM
+4 Boost
ChuckG37=UAW member


doctorproctordoctorproctor - 12/15/2008 10:53:12 PM
+3 Boost
At least the Japanese have the integrity to do it for all the right reasons one being 'to clarify the responsibility of management'...something the U.S. auto industry would never do!! Oh yes the U.S. execs did agree to a $1. salary but only after they were forced into it..in hopes of getting billions in return. Needless to say that doesn't account for the billions they've already amassed over the years while driving their businesses into the ground due to bad judgement and being out of touch with reality!! Somehow I just can't wipe out the picture of them arriving in their corporate jets with tin cups in hand!


E36erE36er - 12/16/2008 12:44:55 PM
+1 Boost
Totally agree with you.
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