Fast Retailing Co., operator of the struggling Uniqlo chain, announced Tuesday that Genichi Tamatsuka, a managing director, will take over the presidency in November and that Tadashi Yanai, the current president, will become chairman.
Yanai will also continue to work as the chief executive officer.
The change will be carried out after approval at a shareholders meeting in November.
Tamatsuka, 39, who also heads the firm’s British unit, said one of his missions is to build a foundation to further expand the Uniqlo business while industrial competition is intensifying. He will be promoted to executive vice president and chief operating officer on June 1 before becoming the president.
Sales at Uniqlo stores have been in decline since late last year. The firm projects that its sales from shops that have been open more than one year will drop 25 percent in its current business year to August from the previous year.
Yanai, 53, said the company needs to have a new management team when it faces a turning point, denying that he was resigning from the current post to take responsibility for decreased sales.
Fast Retailing also announced the same day that Takashi Sawada, the current executive vice president and COO, will resign from the Yamaguchi-based company on May 31. Although Yanai initially asked Sawada to step up to the top post, Sawada said he decided to leave the firm to start his own business.
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