Ootoya Holdings Co., operator of the struggling Japanese-style set-menu eatery chain, reshuffled its management Wednesday as part of turnaround efforts, heeding the proposal of its major shareholder Colowide Co., which succeeded in a hostile takeover bid of the chain.
At an extraordinary shareholders meeting, Ootoya's shareholders approved the request by restaurant and bar chain operator Colowide to dismiss 10 of 11 board members including President Kenichi Kubota, with Masaya Yamamoto the only board member to retain his position to ensure a smooth handover of management.
The Yokohama-based company increased its stake to 46.77% stake in Ootoya in September after launching a hostile tender offer in July.