After announcing its fifth recall in 2014, Honda president Takanobu Ito along with 12 other executives will take quality-related pay cut.
The recall will cost the company around $53 m, and it covers 425,825 units of Fit hybrid vehicles that featured airbags made by Takata which has triggered the recall.
The company said that it is facing lawsuits due to accidents involving airbags supplied by Takata.
In the latest move Honda CEO will give up 20% of their pay for the next three months and company chairman Fumihiko Ike, executive vice-president Tetsuo Iwamura and other executives will take 10% pay cut over next three months.
Reuters reported Honda spokeswoman Akemi Ando saying: "We have inconvenienced many customers, and we're deeply sorry."
Reports suggest that Honda has created a new role for company executive Koichi Fukuo to look after quality improvements across the organization.
