Takata Corporation, embroiled in the largest recall of airbags worldwide, said it apologised "for the widespread concern and inconvenience caused to the driving public as a result of defects in its airbag products". It has booked special losses due to substantial provisions for product warranties, resulting in a net loss for the fiscal year ended 31 March, 2016 and, consequently, a decision not to declare a dividend. It has now also decided to cut executive pay.
For the period July 2016 to June 2017 chairman and CEO pay is cut 25% while other directors will lose 20%.
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For the period July 2015 to June 2016 chairman and CEO pay was cut 30% while other directors lost 20%.
The suppliers said bonuses were not paid to directors during the fiscal year ended 31 March, 2015 while pay for executive officers was reduced by 10% from December 2015 and a summer bonus will not be paid this year.
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