Kobayashi Pharma Shareholders Approve Board Nominees

Osaka, March 28 (Jiji Press)--Shareholders of Kobayashi Pharmaceutical Co. on Friday approved the company's proposed slate of 10 board nominees, including executive officer Norikazu Toyoda, who is set to become new president and CEO of the scandal-tainted Japanese company.

The 10 also include Yoshihito Ota, who helped turn around Japan Airlines and will become chairman of the drugmaker.

The changes come as Kobayashi Pharmaceutical, based in Osaka, a city in western Japan, is trying to recover from the fallout of a public health scare involving its "benikoji" red yeast supplements.

Kobayashi Pharmaceutical's current CEO, Satoshi Yamane, apologized again for the health scandal at a shareholders' meeting in Osaka.

"Giving the highest priority to apology and compensation, we will keep facing the problem in an honest way," he said.

[Copyright The Jiji Press, Ltd.]