Itochu's Koseki to Become Descente President
Newsfrom JapanEconomy Society
Tokyo, March 25 (Jiji Press)--Descente Ltd. <8114> said Monday it has appointed Shuichi Koseki, a senior managing executive officer at trading house Itochu Corp. <8001>, as president of the sports goods maker.
Koseki, 63, will succeed Masatoshi Ishimoto, 56, who is a member of Descente's founding family. Itochu is Descente's biggest shareholder.
The change is expected to be formally decided at a board meeting slated to be held after an annual meeting of Descente shareholders in June.
By appointing a president from Itochu, Descente hopes to mend ties with Itochu after the trading house successfully completed its unsolicited tender offer for the company earlier this month, people familiar with the matter said.
The current 10 board directors at Descente will all step down from their positions, except Kim Hoon-do, who heads Descente's South Korean operations, according to the company.
[Copyright The Jiji Press, Ltd.]