Askul CEO Dismisses Yahoo Japan Threat of Ouster

Economy

Tokyo, July 18 (Jiji Press)--Shoichiro Iwata, president and chief executive officer of Japanese stationery seller Askul Corp. <2678>, on Thursday dismissed pressure from top shareholder Yahoo Japan Corp. <4689> to oust him.

Yahoo's opposition to his reappointment is "an act of tyranny by a controlling shareholder and ignores the interests of minority shareholders," Iwata told a press conference in Tokyo.

Yahoo said Wednesday that it will vote against a proposal to reappoint Iwata at an Askul shareholders meeting on Aug. 2.

Iwata said the proposal to reappoint himself and all other Askul board members is legitimate.

Askul and Yahoo formed a capital and business alliance in 2012 and launched online shopping site Lohaco in October that year.

[Copyright The Jiji Press, Ltd.]

Jiji Press