Toyota Chair Re-elected Amid $33 Billion Buyout Bid

TOYOTA MOTOR SHAREHOLDERS re-elected Akio Toyoda as chairman on Thursday, highlighting support among mom-and-pop investors even as the Japanese automaker's $33 billion buyout of a group company draws criticism from overseas shareholders.

- REUTERS

Toyoda, formerly chief executive of the world's top-selling automaker and grandson of its founder, was widely expected to be re-elected at Thursday's annual general meeting. For the first year in three, he was not opposed by either of the leading proxy advisory firms which had previously flagged governance concerns.

The breakdown of voting is yet to be released so it is unclear whether he secured more than last year's 72%, the lowest on record for a Toyota director. The Nikkei newspaper reported, without citing its source, that Toyoda was estimated to have received at least 96%.