Honda Motor CEO Toshihiro Mibe secured his reappointment following the company's first annual net loss in nearly 70 years. Mibe issued a formal apology to shareholders during the annual general meeting.
Restructuring costs for the electric-vehicle business exceeded $9 billion. Shareholders approved Mibe and 10 other board nominees despite criticism of the expensive transition strategy.
The vote indicates investor support for a recovery plan targeting slowing EV demand and rising competition. Mibe and senior executives voluntarily reduced their compensation to demonstrate accountability for the financial results.