Lixil Announces Board Candidates, Rejects Ex-CEO's Proposal

Economy

Tokyo, May 13 (Jiji Press)--Major Japanese housing equipment maker Lixil Group Corp. <5938> announced on Monday eight candidates for its board of directors, to be submitted to a general meeting of its shareholders in June.

Former Lixil President and Chief Executive Officer Kinya Seto, a current board director and Lixil shareholder, who is at odds with Chairman and CEO Yoichiro Ushioda, has asked the company to include eight people, including himself, in its list of director nominees.

But the list does not include Seto. On Monday, Seto, who aims to return as CEO after being removed from the post and as president last autumn, expressed anger and said that he still intends to realize his shareholder proposal.

None of the eight people on the Lixil list have ever been appointed to the board. Seven of them are from outside of the company.

Only two of the eight people proposed by Seto, including former Supreme Court justice Kaoru Onimaru, are on the company's list.

[Copyright The Jiji Press, Ltd.]

Jiji Press