Idemitsu's Kito to Head New Firm after Biz Integration

Economy Society

Tokyo, Oct. 16 (Jiji Press)--Japanese oil distributors Idemitsu Kosan Co. <5019> and Showa Shell Sekiyu K.K. <5002> said Tuesday that Idemitsu Chief Executive Officer Shunichi Kito, 62, will become CEO of the new company to be created through their business integration next April.

From the Idemitsu founding family, which initially opposed the integration plan, Masakazu Idemitsu, the eldest son of honorary chairman Shosuke Idemitsu, 91, will join the new company as a part-time board member.

Idemitsu Chairman Takashi Tsukioka, 67, will take the post of chairman at the new company, while Showa Shell President Tsuyoshi Kameoka, 61, will become vice chairman.

The two companies will finalize the appointments after their respective extraordinary shareholders meetings on Dec. 18.

Under the agreed share swap ratio, Showa Shell shareholders will be allotted 0.41 Idemitsu share for each of the Showa Shell shares they own.

[Copyright The Jiji Press, Ltd.]

Jiji Press