10 Lixil Execs Join Rebels against Chm. Ushioda

Economy

Tokyo, May 8 (Jiji Press)--Ten executives of Japanese housing equipment maker Lixil Group Corp. <5938> have joined rebels against Chairman Yoichiro Ushioda, informed sources said Wednesday.

The 10 executives sent a letter critical of founding family member Ushioda, also chief executive officer, to a member of Lixil Group's nomination committee, according to the sources.

Also criticizing President and Chief Operating Officer Hirokazu Yamanashi as unqualified for the corporate leadership, the letter called for the return of former President and CEO Kinya Seto, effectively dismissed by Ushioda.

The nomination committee is having final discussions to set the list of director nominees that will be proposed at a general meeting of shareholders in June, the sources said.

The list will be made public as soon as it is decided.

[Copyright The Jiji Press, Ltd.]

Jiji Press