Ex-Lixil Chief Denies Proxy Fight over Director Appointments

Economy Society

Tokyo, May 16 (Jiji Press)--Former Lixil Group Corp. <5938> head Kinya Seto said Thursday he does not intend to start a proxy battle over the appointments of board directors toward the major Japanese housing equipment maker's general shareholders meeting next month.

"I don't intend to wage a proxy fight," Seto, former president and chief executive officer of Lixil, which has been mired in a fierce management battle, told a press conference in Tokyo.

Director nominees proposed by Seto, who is aiming to return to the company's top post, and those by the company, led by current CEO and Chairman Yoichiro Ushioda, are expected to be discussed at the shareholder meeting, with attention set to be paid to which side will win shareholder support.

Seto, who was ousted from the posts of president and CEO in autumn last year but remains a board director, proposed eight director nominees, including himself, to the firm last month.

On Monday, Lixil announced its list of eight director candidates. Among them are two on Seto's list. Seto is not included in the firm's list.

[Copyright The Jiji Press, Ltd.]

Jiji Press