Honda CEO apologises for company’s loss, wins investor backing at annual meeting

TOKYO, June 26 (Reuters) – Honda Motor Chief Executive Toshihiro Mibe secured support for his reappointment to the Japanese automaker’s board at its annual meeting on Friday after apologising to shareholders for the company’s poor financial performance.

Honda is seeking to recover from costly strategic missteps after posting its first annual loss in seven decades last month, hurt by more than $9 billion in restructuring costs for its electric-vehicle business and competition from Chinese rivals.

“I would like to express my deepest apologies to our shareholders for the significant concern and inconvenience caused by the net loss recorded in the previous fiscal year’s financial results,” Mibe told shareholders at the start of the meeting.

Aside from backing Mibe, Honda shareholders approved the company’s 10 other board nominees, including nine who were up for reappointment and one new director.

(Reporting by Daniel Leussink; Editing by Thomas Derpinghaus)

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