Leopalace21 Inside Directors to Resign En Masse

Economy

Tokyo, May 29 (Jiji Press)--Leopalace21 Corp.'s <8848> outgoing President Eisei Miyama and six other inside directors on the apartment rental firm's board will step down en masse, according to informed sources.

Bunya Miyao, managing executive officer of Leopalace21 who will succeed Miyama as president, will be the only inside director to keep his seat on the board, the sources said Tuesday. Miyama will resign from the presidency on Thursday amid widespread flaws in the company's construction business.

Leopalace21 also plans to fortify its corporate governance by decreasing the number of inside directors from eight to five and increasing the number of outside directors from three to five.

The changes will be made official at the company's general shareholders meeting in June.

Miyama had previously expressed his intent to stay involved in the company's management after stepping down as president. When announcing his resignation on May 10, he said, "I'll do what I can as a director."

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Jiji Press