Honda CEO Toshihiro Mibe refused to resign after a group of retired executives demanded he step down, following the company's first annual loss in 70 years tied to its electric vehicle strategy.
Starting in late 2025, several former Honda executives held meetings to discuss the automaker's struggles.
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They blamed Mibe for neglecting the Chinese market and for costly EV missteps that led to billions in losses.
According to Reuters, which spoke with two participants, the group accused Mibe of being more focused on golf sponsorships than the business.
In April, 90-year-old former CEO Nobuhiko Kawamoto visited Honda headquarters and asked Mibe to resign, but he refused.
Mibe's Leadership Under Fire
Mibe has been CEO since 2021 and recently took a 30% pay cut for three months after Honda posted its first annual loss in 70 years.
Critics say he failed to focus on the "genba"—the actual place where work happens, such as factories and showrooms.
“The CEO does not see conditions on the ground or listen to customers, and doesn't go to the genba,” they told Reuters.
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“Senior management, including the CEO, do not visit the genba. Example: China.”
Despite the pressure, Mibe had the backing of the board's nominating committee, which includes more outside directors as part of a shift toward better corporate governance in Japan.
Honda recently scrapped three planned EVs for North America, booking roughly $15.7 billion in expenses and losses.
The company is now developing a new-generation platform that supports both EVs and hybrids.
Honda plans to launch 15 new hybrid models by 2029, previewing two prototypes: a Hybrid Sedan and an Acura Hybrid SUV.
The automaker acknowledges that the U. S.
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EV market could shift after President Trump's second term ends in January 2029.
