Yahoo Japan Opposes Reappointment of Askul President

Economy

Tokyo, July 17 (Jiji Press)--Yahoo Japan Corp. <4689> said Wednesday it opposes the reappointment of Shoichiro Iwata, president and chief executive officer of consolidated subsidiary and stationery seller Askul Corp. <2678>, as a board member of the company.

Yahoo Japan plans to exercise its voting rights at a general shareholders' meeting of Askul on Aug. 2.

On its reasons for opposing the reappointment, Yahoo Japan cited the need of its unit for an early recovery from sluggish earnings performance and a rejuvenation of the management team. "We concluded that a drastic change is necessary," the company said.

Meanwhile, Askul revealed on Wednesday that it has proposed talks to Yahoo Japan to end their capital and business alliance, formed in 2012.

In terms of voting rights, Yahoo Japan owns an equity stake of some 45 pct in Askul.

[Copyright The Jiji Press, Ltd.]

Jiji Press