Nice Holdings President Steps Down over Alleged Window-Dressing

Economy Society

Yokohama, May 20 (Jiji Press)--Nice Holdings Inc. <8089> President Hiroo Kogure resigned on Monday amid allegations about the Japanese construction materials company's window-dressing.

Director Masayuki Sugita, 61, replaced Kogure, 61, as president, Nice Holdings said Monday. Kogure will retain his role as director.

Chairman and Chief Executive Officer Koichiro Hirata, 71, also stepped down. He also quit the board of the company.

The change of president was designed to enable "smooth decision-making by the board," Nice Holdings said.

The Yokohama District Public Prosecutors Office and the Securities and Exchange Surveillance Commission launched an investigation into the company last week on suspicion of making false financial statements in violation of the Financial Instruments and Exchange Act.

[Copyright The Jiji Press, Ltd.]

Jiji Press