Lixil CEO to Step Down amid Boardroom Fight

Economy Society

Tokyo, April 18 (Jiji Press)--Lixil Group Corp. <5938> Chairman and Chief Executive Officer Yoichiro Ushioda expressed his intention on Thursday to step down from his positions amid a bruising boardroom fight for control of the Japanese maker of building materials and housing equipment.

He will resign from Lixil's board of directors on May 20 and leave the posts of chairman and CEO after a regular shareholders' meeting in June.

Ushioda, a member of Lixil's founding family, returned as chairman and CEO after effectively ousting Kinya Seto as president and CEO last autumn due to differences on business policy.

Seto was installed as president and CEO in 2016 by Ushioda. Since the removal of Seto, fighting between the two board members has intensified.

Citing the lack of transparency in Ushioda's return as CEO, foreign institutional investors have called on Lixil to hold an extraordinary shareholders' meeting to remove him from the board.

[Copyright The Jiji Press, Ltd.]

Jiji Press