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Heir to a shaky throne

By Samantha Stevens, 26 Jun 2009 Industry

Heir to a shaky throne

Toyota CEO takes massive 30 percent paycut, predicts another two-years of financial loss.

New President of Toyota (and company founder Kiichiro Toyoda's grandson) Akio Toyoda hasn't had much time to adjust to the demands of his new role: nor to the remuneration package that ought to make it worthwhile...

In his first official press conference yesterday, Toyoda announced that he would slice a third off his salary in light of the company's first operating loss in half a century.

He said that the next two years would also be tough for Toyota, with the company not expected to turn a profit again until 2012.

"The new Toyota sets sail in very stormy waters," he said.

"But right now we're working at full speed to cut costs and jump-start sales with the support of various government incentives being rolled out."

"We want to do everything possible to avoid a third consecutive year of losses."