Fujitec, an elevator manufacturer headquartered in Hikone City, Shiga Prefecture, has announced the appointment of current President Takao Okada and the promotion of Managing Director Masaka Harada to the new president.
Mr. Okada's major shareholder investment fund was reluctant to reappoint him.
According to the announcement, Fujitec has decided to appoint Masaka Harada, currently managing director in charge of the China business, to the new president.
Mr. Harada is 61 years old.
I joined Fujitec in 1984 and was in charge of business in the and Tokyo metropolitan areas, and then I have been in charge of the Chinese business, including serving as the head of a subsidiary in China for the past three years.
The company plans to propose personnel proposals for nine directors, including Mr. Harada, to the General Meeting of Shareholders on the 3st of next month.
Meanwhile, President Takao Okada will step down.
President Okada was appointed in June last year and will retire after only one year.
Oasis Management, a major shareholder of Fujitec and a Hong Kong-based investment fund, was reluctant to reappoint the three internal directors, including President Okada.
The company says, "We will renew our management structure to aim for growth as a new Fujitec."
Regarding Fujitec, former Chairman Takaichi Uchiyama has proposed the appointment of eight independently selected directors, and confusion over management continues.