Retired executives pushed for Toshihiro Mibe's departure after the billionaire breach with electric vehicles, but the board kept him in office
Honda President and CEO Toshihiro Mibe has turned down calls to step down following criticism of the automaker’s electrification strategy. The pressure came a few weeks after the manufacturer canceled three electric projects destined for North America and accounted for about R$ 79 billion (US$ 15.7 billion) in expenses and losses linked to the bet on the segment.
According to Reuters, a group of retired Honda executives began meeting at the end of 2025 to discuss the company’s direction. For months, they blamed Mibe for costly mistakes in the electric transition and little attention to the Chinese market.
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To two participants heard by the agency, critics said that the executive seemed more focused on the brand’s golf sponsorships than on the business. They also complained that Mibe does not attend the genba, a Japanese term for the real place where the work takes place, such as factories and dealerships.
In April, former president Nobuhiko Kawamoto, 90, went to Honda’s headquarters to personally ask for Mibe’s resignation. The CEO said that would not happen.
Despite the dissatisfaction of the old guard, Mibe has retained the backing of the board’s nominating committee, which is made up of more independent directors amid an effort to improve governance in Japan that seeks to reduce the influence of retired executives. In charge since 2021, he accepted a temporary 30% pay cut for three months after Honda posted its first annual loss in 70 years.
The automaker also reformulates its electrification strategy. In May, it revealed the development of a platform capable of receiving both electric and hybrid systems. The company assesses that the North American electric market could change a lot after the end of the current US presidential term in January 2029. On the new route, Honda intends to launch 15 hybrids by 2029, two of them already anticipated: the Honda Hybrid Sedan Prototype and the Acura Hybrid SUV Prototype.
