• Bloomberg

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Toyota Motor Corp. President Akio Toyoda became the highest-paid auto executive in Japan Wednesday after dividend payouts pushed his total compensation past Nissan Motor Co.’s Carlos Ghosn.

Toyoda earned ¥1.27 billion in compensation and dividends, according to regulatory filings. While Nissan paid Ghosn almost three times more in salary, he collected less from dividend payments, netting him a total ¥1.14 billion.

Toyota boosted its payout to all shareholders in the fiscal year that ended March 31, as its profit surged to a record. Toyoda, 59, is emerging from a period in which he banned the building of new assembly plants to improve Toyota’s efficiency. The world’s largest automaker is now moving forward with plans to build two new factories in Mexico and China before the end of the decade.

Ghosn, 61, has long been the best-paid executive among Japan’s automakers and has been the highest earner across all industries in the country three times since 2010. Nissan earned ¥458 billion last fiscal year and has forecast a third straight annual profit increase.