Akio Toyoda, the scion of Toyota Motor’s founding family and former chief executive officer, generally seems to prefer being behind the wheel of a car than being in the spotlight.
But with the $33 billion buyout of Toyota Industries announced Tuesday, along with his personal investment, he might be making a corporate comeback. That would be a good thing, regardless of what the critics say.
Opinion is divided on whether the takeover represents a step forward or back for corporate governance in Japan. Investors and officials have long sought the dissolution of parent-child listings like Toyota Industries, in which the larger automaker holds a controlling stake; the lack of independent oversight has been blamed for past safety lapses.
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