• SHARE

Marubeni Corp., the largest shareholder in Daiei Inc., will stake out a majority on the troubled retailer’s board to have a more forceful say in its reconstruction efforts, officials at the trading house said Tuesday.

Marubeni also plans to send one of its executives to take over the Daiei presidency from Yasuyuki Higuchi. Daiei said Tuesday evening that Higuchi will step down in early October at his own request.

The trading house is considering a drastic review of the retailer’s management, including transferring the post of chief executive officer, currently held by Daiei Chairwoman Fumiko Hayashi, to the new president.

Marubeni, which became Daiei’s biggest shareholder this month, has one director on the eight-member board.

The firm will hike that to five, the officials said.

Marubeni assumed the leading role in Daiei’s turnaround efforts by acquiring the entire 33.67 percent stake held by the Industrial Revitalization Corp. of Japan.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.

SUBSCRIBE NOW