Kanebo Ltd. announced Monday that a 43-year-old former bureaucrat has replaced Akiyoshi Nakajima as president as part of the company's rehabilitation efforts.
The firm also said it has hired Makoto Yoshitaka, the chief financial officer of Louis Vuitton Japan Co., a French luxury brand concern, to head its financial division.
Nakajima, who became chairman Monday, said the two outsiders were brought in to infuse Kanebo with "fresh blood" as it tries to turn itself around under the guidance of the Industrial Revitalization Corp. of Japan.
Kanebo's new president, Takehiko Ogi, is a managing director of the IRCJ. He joined Culture Convenience Club Co., a video store chain, in 1997 after leaving the old Ministry of International Trade and Industry and has been involved in Kanebo's rehabilitation since July.
Ogi is tasked with leading Kanebo's rehabilitation, including the consolidation of its diverse business portfolio, which was blamed for its financial woes and eventual decision to seek government help last spring.