• Kyodo News

  • SHARE

The six-member board of Livedoor Co. said Friday that all but President Kozo Hiramatsu will step down at the scandal-tainted Internet firm’s general shareholders’ meeting in late December, sources said.

The board will also seek approval at the general meeting for a proposal to create a new board including Hiramatsu and four outside directors, they said.

The four will include an official from cable broadcaster Usen Corp. and three recommended by foreign investment funds — a lawyer and two foreigners.

The foreign investment funds and Usen President Yasuhide Uno are expected to have a combined stake of more than 50 percent in Livedoor. They have demanded the management shakeup, the sources said.

With the reshuffle, the major shareholders would take the initiative in rehabilitating Livedoor.

In June, the Livedoor board was approved by shareholders at their general meeting after founder Takafumi Horie and all other board members resigned following the company’s indictment in March for securities law violations allegedly committed by Horie and other executives.

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