Yukijirushi Access Inc., a frozen-food distributor operating within the Snow Brand Milk Products Co. group, said Tuesday it will take on two Itochu Corp. officials as directors.
Itochu, a trading firm that holds a 25 percent stake in Yukijirushi Access, is expected to become its largest shareholder by the end of the year.
Itochu adviser Yoshio Yoshino will become a Yukijirushi Access adviser Dec. 1 before assuming the vice presidency on Dec. 26.
Shuichi Hoshi, an assistant department manager at Itochu, will become a director at Yukijirushi Access on Dec. 26. The appointments will be formalized after winning approval at an extraordinary shareholders’ meeting Dec. 26.
Yukijirushi Access President Shinichiro Yuasa will remain in his post for the time being, the company said.
These personnel maneuvers follow Snow Brand Milk’s sale to Itochu in July of part of its shareholdings in Yukijirushi Access. Snow Brand Milk had previously held a 51 percent stake in Yukijirushi Access.
Snow Brand Milk now holds a stake of around 27 percent but plans to sell more of its remaining shares to Itochu and some breweries.
It eventually hopes to lower its stake in Yukijirushi Access to less than 20 percent.
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