Saizeriya Co. decided Tuesday that its founder, Yasuhiko Shogaki, will step down as president and be replaced April 1 by director Issei Horino, the company said.
It will be the first time the operator of the Italian restaurant chain has changed its president since it was founded in 1973. Shogaki, 63, will become chairman.
The company said in December it will incur ¥15.3 billion in losses tied to foreign exchange derivatives and has annulled contracts with BNP Paribas SA to avert further losses.
The company expects a net loss of ¥5.8 billion in the business year through August.
Horino, 52, joined Saizeriya in April 2000 after working for Ajinomoto Co., and has been a director since November 2000.