Fast Retailing Co. nominated its billionaire founder's two sons to the board of the Uniqlo operator, but their father insists neither is slated to take over his post, at least for now.
After Asia's largest clothing retailer announced the nomination of Kazumi and Koji Yanai, Chairman Tadashi Yanai made an effort to clarify the move.
"I don't want people to misunderstand, this is to maintain proper governance," said Yanai in a presentation of Fast Retailing's earnings Thursday. "I have no intention of bringing them into the top management at this time."
Many have wondered about Yanai's successor in recent years. Now 69, Yanai is credited with building Fast Retailing from his father's tailor shop into a global brand, and is seen by many in the industry as the main driver behind the company's growth and vision.
Four people, including the sons and Chief Financial Officer Takeshi Okazaki, were nominated to the board when the company announced its fiscal year earnings. Both of Yanai's sons hold the title of group senior vice president at the company.
"Okazaki and others in management have been progressing to where, even if I am not here, the company will be run properly,' Yanai said.