Toyota President Feared Having To Step Down Over Recalls

[Omaha Steve]

Source: Wall Street Journal

By Yoshio Takahashi TOYOTA CITY, Japan (Dow Jones)--Under intense scrutiny in the wake a massive recall, the head of Toyota Motor Corp. (7203.TO) said he feared he would have to step down from his post ahead of a U.S. congressional hearing over the company's vehicle safety problems.

"I thought I might not come back (to Japan) with this position," President Akio Toyoda told shareholders Thursday at the company's annual general meeting in Toyota City, central Japan.

The meeting, which is Toyoda's first as head of the company, kicked off with the president apologizing for the high-profile recall of more than 8.5 million vehicles in the U.S., Japan and other markets over safety concerns earlier this year.

"We created a problem for all of our shareholders over the quality of our Toyota and Lexus brands," he said, adding that during that period he "wasn't able to rest, not even for a moment" over the past year.

Read more: http://online.wsj.com/article/BT-CO-20100624-703579.html

[Crowman1979]

1. In Japan, the business meaning of stepping down means to step out of a 20 story window.

Which is what I think disgraceful CEOs around the world should try to emulate.