TOKYO — Honda Motor’s chief executive, Toshihiro Mibe, received shareholder support to remain on the company’s board at its annual meeting Friday, following a formal apology for the automaker’s troubled financial results.
The Japanese automaker has been working to rebound after reporting its first full-year loss in seven decades last month. The company took a hit of more than $9 billion in restructuring costs related to its electric vehicle operations, compounded by fierce competition from Chinese rivals.
At the opening of the meeting, Mibe addressed investors directly, saying: “I would like to express my deepest apologies to our shareholders for the significant concern and inconvenience caused by the net loss recorded in the previous fiscal year’s financial results.”
In addition to reappointing Mibe, shareholders gave their approval to Honda’s 10 other board nominees — nine of whom were seeking reappointment and one who was newly nominated to the board.
