• Kyodo

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Major commercial building operator Parco Co. will replace President Hidekazu Hirano, acceding to calls by its top and second-largest shareholders for new management, sources said Wednesday.

Kozo Makiyama, 52, its senior executive officer, is likely to be promoted to president, they said.

Hirano and other executives had initially opposed the calls before accepting the demands by top shareholder Mori Trust Co. and second-biggest investor Aeon Co., ahead of the shareholders’ general meeting in May, they said. The two firms jointly own around 45 percent of Parco’s stake.

Following the installation of new management, Aeon, a supermarket chain, is expected to accelerate talks for a business tieup with Parco, which will focus on the development of new types of shopping malls.

The relationship between Parco’s management executives and Mori Trust has been deteriorating since Parco decided last August to forge an alliance with the Development Bank of Japan.

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