Renown Resigned without re-election as President and Chairman at the General Meeting of Shareholders March 21:00
Renown, an apparel giant that offers men's clothing, held a general meeting of shareholders on the 26th, but the president and chairman retired as a result of a proposal to re-election of the president and chairman's directors was opposed by the largest shareholder Chinese company It was an unusual situation to be driven into.
Renown held a shareholders meeting in Tokyo on the 26th.
The company called for the re-election of 10 directors, including Yoshiyuki Jimbo and Chairman Minoru Kitahata.
In response, the largest shareholder in China, a major textile maker, opposes the re-election of the president and chairman, saying that the company needs to change its structure to rebuild its business, and two other members should be directors instead. And issued a correction motion.
As a result of the voting, an amendment was approved by a large number of Chinese companies, and the unusual situation was reached in which Jimbo and Chairman Kitabata were forced to retire.
At the meeting of the Board of Directors, Kenji Mohri was promoted to succeeding president.
Renaun's performance has continued to be sluggish, with net loss of over 6.7 billion yen in the fiscal year ended December 31, 2015 due to sluggish sales of its core brands such as Durban and Aquascutum.
As the business environment becomes more severe due to the spread of new coronavirus infections, the challenge is how to rebuild management under a new top management.