Lixil Shareholders Back Sacked Pres. Seto in Management Battle
Tokyo, June 25 (Jiji Press)--Lixil Group Corp. <5938> shareholders voted on Tuesday to allow former President and Chief Executive Officer Kinya Seto, who was sacked at the initiative of the company's founding family last year, to lead the major Japanese housing equipment maker again.
The eight board member candidates, including Seto himself, nominated by the former company chief in the capacity of a shareholder were approved at a general meeting of Lixil shareholders on the day, as were only six of the company management's candidates.
The vote put an end to an eight-month internal battle between the two sides, with the Lixil board set to be controlled by the Seto side and expected to reappoint him as the company's head.
Seto quit as CEO last autumn, in an apparent dismissal by Yoichiro Ushioda from the founding family, a then Lixil executive, who had led the company's predecessor, due to a difference in their management policies.
Ushioda then became Lixil chairman and CEO, while Seto also lost the president post, at the end of March.
[Copyright The Jiji Press, Ltd.]