Overview
- A group of retired Honda executives met privately to press for CEO Toshihiro Mibe’s resignation but he refused and retained the backing of the board’s nominating committee.
- Honda has taken roughly $15.7 billion in EV‑related charges, canceled several planned EV models and reported its first annual loss in decades, prompting Mibe to accept a temporary 30% pay cut.
- The company has paused major pure‑EV programs and is developing a new vehicle platform designed to carry both electric and hybrid powertrains while planning about 15 new hybrid models by 2029.
- Former executives blamed Mibe for neglecting the Chinese market, failing to visit the genba (shop floor and showrooms), and prioritizing sponsorships over core operations.
- The episode highlights a shift in Japanese corporate governance where a nominating committee with outside directors has reduced the sway of company elders and may shape Honda’s strategy and leadership choices going forward.