Takashi Hoashi, president and chairman of Kanebo Ltd., will resign following a fiasco over how to revive the struggling cosmetics manufacturer, sources said Monday.
Hoashi, 68, is expected to announce his resignation at an extraordinary shareholders' meeting March 30, the sources said, adding a major overhaul of the company's management is likely to follow.
Kanebo sought assistance from the governmental Industrial Revitalization Corp. of Japan a week ago, scrapping an earlier plan to sell its cosmetics business to Kao Corp.