Livedoor Holdings Co. President Kozo Hiramatsu will step down in December and be replaced by Hironori Ishizaka, a 34-year-old consulting company executive, the firm said Wednesday.
Ishizaka, a former Ministry of Economy, Trade and Industry bureaucrat who now serves as vice president of the Asian unit of U.S.-based AlixPartners, has been consulting with Livedoor since September 2006.
"I, as a turnaround business manager, aim to maximize the value of the current businesses, such as the Internet portal services," he said at a news conference.
Ishizaka is expected to handle lawsuits filed by Livedoor shareholders seeking damages for their losses caused by the company's financial fraud involving its founder, Takafumi Horie, and other former executives.
Hiramatsu, 61, said he is stepping down after having paved the way for the Internet business' reconstruction.
"I am confident we have established a strong corporate governance and compliance system," he said, adding Livedoor must continue efforts to regain the public's trust.