First non-Japanese, a part of Toyota BoD
Jim Press, the top man of Toyota's North American operations, got the go-ahead from shareholders on Friday to become the first non-Japanese member of the automaker's board of directors.
By Agencies |
TOKYO: Jim Press, the top man of Toyota's North American operations, got the go-ahead from shareholders on Friday to become the first non-Japanese member of the automaker's board of directors.
Press, 60, a 37-year veteran at Toyota Motor Corp, was appointed to the board in April, the latest step in Toyota's efforts to bolster its standing as an international company.
Shareholders approved the move today in Toyota city, where the automaker is based, at a nearly two-hour meeting attended by more than 2,500 people, the company said.
The approval comes as Toyota is boosting sales in North America and grabbing market share away from Detroit automakers. But that success has aroused concern at Toyota of a political backlash in the United States. Lawmakers from manufacturing states have charged the Japanese government has kept the yen artificially low, giving Japanese automakers an advantage.
Press' appointment may be an attempt to placate a possible rise in US protectionist attitudes and demonstrate Toyota's commitment to North America. Former Toyota Chief Executive Hiroshi Okuda said earlier this year that Toyota needs to open up its board to non-Japanese and boost foreign ownership of company shares from about 20 per cent today to win greater acceptance as a global company.
Press' promotion is part of Toyota's overall effort to strengthen diversity and empower regional management as the company grow increasingly international, said Yasuaki Iwamoto, auto analyst with Okasan Securities Co in Tokyo.
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