The world’s largest automaker and the biggest company in Japan, Toyota Motor Corp. paid its president and chief executive officer Akio Toyoda a total of 352 million yen ($2.84 million) for his performance last year.
President Akio Toyoda earned the total compensation after his bonus was doubled to around $2 million, according to a regulatory filing from the Japanese carmaker. His bonus totaled 249 million yen in the year ended March, double from the 127 million yen he received during the previous fiscal year, with his base salary remaining unchanged. While Toyoda is the leader of the most powerful Japanese company and also the biggest auto manufacturer on the planet, his salary pales in comparison to what his rival at Nissan – Carlos Ghosn – received, Toyoda’s compensation was around a third of Ghosn’s payment from the second largest Japanese automaker. That’s even as chief executive Carlos Ghosn holds the same function at French alliance partner Renault SA, meaning he needs to split his time evenly between the two companies.
Meanwhile, merger aficionado Fiat Chrysler Automobiles NV chief executive officer Sergio Marchionne was the record holder for the automotive industry last year, as he received around 31.3 million euros ($35 million). His compensation included a onetime bonus for the successful tie-up between Italy’s Fiat SpA and its wholly owned subsidiary Chrysler Group LLC (now called FCA US), which was completed in 2014. Toyota’s increased bonus to its president comes as the company in May said its net profit jumped 19 percent to 2.17 trillion yen for the business year through March, and added it was expecting a third straight year of record financial results in 2015.