The president of Toyota Motor Corp. is Japan's CEO of the year, besting other company CEOs like two-time CEO of the year Masayoshi Son of Softbank Corp. and Hiromochi Morimoto of Mitsubishi Aircraft Corp.

The survey was conducted by the Sanno Institute of Management in mid-November, with 582 business leaders that govern a company with 10 or more employees. Out of the 464 valid answers, Toyoda received 201 votes, followed by Son who acquired 91. Morimoto, on the other hand, was at third place with 23 votes.

In his role as both CEO and President of the company, Toyoda was praised by the voters, stating that despite having several setbacks like recalling faulty airbag inflators, along with the conviction of a company executive due to drug trafficking, Toyota Motor Corp. was able to bounce back and make record profits.

Akio Toyoda and Tommi Makinen

In addition, Toyoda also confirmed the company's return to the World Rally Championship (WRC) by 2017. Gazoo Racing, the company's racing arm, will compete in 2017 with a turbocharged Yaris that puts out over 300 PS. Toyoda will serve as chairman while renowned rally driver Tommi Makinen will be the team principal.

Moreover, Toyota was able to retain its lead as the biggest car manufacturer for 2014 with 10.23 million vehicles. Coming at second was Volkswagen who was able to muster 10.14 million vehicles, while General Motors placed third with 9.92 million cars.

Source: The Wall Street Journal