Scandal-Tainted Kobayashi Pharma Names New President
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Osaka, Jan. 21 (Jiji Press)--Scandal-tainted Kobayashi Pharmaceutical Co. said Tuesday that its current president, Satoshi Yamane, will step down and executive officer Norikazu Toyoda will assume the presidency.
The personnel plan is expected to be approved at a board meeting following a general shareholders meeting in late March.
Yamane took office last August after then President Akihiro Kobayashi, a member of the company's founding family, resigned to take responsibility for health problems among users of its dietary supplement products containing "beni koji" red fermented rice.
Kobayashi Pharmaceutical will also appoint as chairman Yoshihito Ota, who helped turn around Japan Airlines after working for Kyocera Corp.
The company also said Tuesday that it has decided to reject a request by Hong Kong-based investment fund Oasis Management Co. to sue former Chairman Kazumasa Kobayashi and others.
[Copyright The Jiji Press, Ltd.]