Otsuka Kagu Ltd. President Kumiko Otsuka won a proxy fight against her father and the company's founder at an annual shareholders' meeting on Friday.

"From today, Otsuka Kagu will be operating our business with a new management team," Kumiko told a news conference after the shareholders' meeting in Tokyo.

"Achieving a midterm business plan, reforming corporate governance, reviewing store operation and rebuilding the brand, we will proceed with plans to take Otsuka Kagu to the next stage."