Kobayashi Pharma Promotes Toyoda to CEO

Osaka, March 28 (Jiji Press)--Kobayashi Pharmaceutical Co. on Friday promoted executive officer Norikazu Toyoda to its president and CEO after shareholders approved the company's proposed slate of 10 board nominees, including him.

Yoshihito Ota, who helped turn around Japan Airlines, became chairman of the scandal-tainted Japanese 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.

Toyoda replaced Satoshi Yamane, who led efforts to wipe out the founding family's influence, which was believed as a cause of the health scandal.

At a meeting in Osaka, Kobayashi Pharmaceutical shareholders rejected the company's proposal for making an outside director chair its board. The company's board has been chaired by its CEO and chairman.

[Copyright The Jiji Press, Ltd.]