Akio Toyoda - Toyota CEO

In an address to shareholders this morning, Toyota CEO Akio Toyoda bowed deeply and apologized for the troubles caused by the recent global recalls of the company”s vehicles. He also gave shareholders his assurance that the company was doing everything it can to improve quality control.

“I apologize deeply for the concerns we have caused,” he said. “We believe our most important task is to regain customers’ trust.”

Despite a handful of shareholders who displayed their anger over the company”s recent issues, Toyoda”s statements were met with polite applause for the most part.

VP Satoshi Ozawa said at the meeting that recall-related costs for the fiscal year ended March totaled $4 billion. He also assured, as did Toyoda that the company was taking strong measures to enhance quality control.

Toyoda had also mentioned the fact that no ToMoCo directors received their bonuses; this makes the second year in a row.

- By: Stephen Calogera

Source: MSNBC