Askul Pres. to Step Down in Discord with Top Shareholders

Economy

Tokyo, Aug. 2 (Jiji Press)--Japanese stationery seller Askul Corp. <2678> President Shoichiro Iwata will step down following the rejection of his reappointment proposal by the two largest shareholders, with a combined majority stake, at a shareholders' meeting on Friday.

Askul proposed reappointing its 10 directors including Iwata at the meeting. But top shareholder Yahoo Japan Corp. <4689> and Plus Corp., a stationery company and the second-largest shareholder, exercised their voting rights to turn down the proposed reappointments of Iwata and three part-time directors.

Askul will pick its new president at a board meeting after the shareholders' meeting.

"This result is not something I hoped for, but I will leave the company's management today," Iwata told a press conference.

On the clash with the major shareholders, Iwata said he was able to present that the underlying problem was having a parent company with a listed subsidiary.

[Copyright The Jiji Press, Ltd.]

Jiji Press