Honda CEO Apologizes for Huge Loss, Secures Reappointment

Tokyo, June 26 (Jiji Press)--Honda Motor Co. President and CEO Toshihiro Mibe apologized to shareholders Friday for the Japanese automaker's huge net loss incurred mainly for scaling back its electric vehicle ambitions.

"I deeply apologize for the great concern and inconvenience we have caused," Mibe said at a general meeting of shareholders in Tokyo.

Honda posted a consolidated net loss of 423.9 billion yen for the year through March, falling into the red for the first time since its 1957 listing.

Some shareholders criticized Honda for waiting a long time to reverse course on its EV strategy, saying that "management had become rigid." Mibe faced a call for dismissal.

But all 11 board nominees were approved, including Mibe, who secured reappointment.

[Copyright The Jiji Press, Ltd.]