Rizap's Matsumoto to Give Up Right of Representation
Tokyo, Dec. 28 (Jiji Press)--Rizap Group Inc. <2928> said Friday that Akira Matsumoto, board director of the Japanese gym operator, will give up his right of representation, effective Tuesday, in response to the firm's poor financial performance.
In addition, Rizap will reduce its number of board directors from 12 to five, of which three will be outside members.
Rizap has been financially struggling following a series of acquisitions. It is expected to book a consolidated net loss of 7 billion yen for the year ending in March 2019.
Takeshi Seto, president and founder of Rizap, will be the company's only representative director after the revamp.
Matsumoto, who has been seeking to streamline Rizap's bloated structure, will remain as a board member in charge of structural reform.
[Copyright The Jiji Press, Ltd.]