Investment Firms Seek to Oust Lixil CEO
Tokyo, March 20 (Jiji Press)--Four British and U.S. investment firms said Wednesday they have proposed that Lixil Group Corp. <5938> hold an extraordinary shareholders' meeting to remove its chairman and chief executive officer.
In a letter sent to the Japanese housing equipment maker, the four investment firms, including Marathon Asset Management of Britain, said they see problems with procedures in which Yoichiro Ushioda became CEO.
Lixil director Keiichiro Ina and his relatives expressed support for the investment firms' bid to oust Ushioda.
Ina is a member of the founding family of Inax, which became part of what is now Lixil in 2001. He opposed appointing Ushioda as CEO at a Lixil board meeting on Oct. 31 last year.
The four investment firms, Ina and his relatives together have a stake of more than 3 pct in Lixil in terms of voting rights. Japanese law allows shareholders owing 3 pct or more of a company for six months or longer to demand a shareholders' meeting.
[Copyright The Jiji Press, Ltd.]