Shareholders OK New Otsuka Kagu Director from Partner
Tokyo, March 31 (Jiji Press)--Shareholders of struggling Japanese furniture retailer Otsuka Kagu Ltd. <8186> approved Sunday the appointment of a new board director sent from a capital and business alliance partner.
The new director is Chen Haibo, president of Tokyo-based High-Lines Co., with which Otsuka Kagu has tied up mainly on e-commerce between Japan and China.
Otsuka Kagu President Kumiko Otsuka will stay on.
Although Otsuka took control of the company in 2015 after a family feud with her father, Otsuka Kagu has remained in a serious sales slump. It aims to rebuild its business operations under the new management team.
Shareholders also approved changes to Otsuka Kagu's articles of incorporation, allowing the company to issue 77.6 million new shares, up from 43 million new shares, in order to strengthen its capital base.
[Copyright The Jiji Press, Ltd.]