Shareholders of troubled supermarket chain Daiei approved the appointment of 17 new board members at an extraordinary meeting on Tuesday (30 January).
Daiei group founder Isao Nakauchi was removed from the board, ending over 40 years of direct leadership by the Nakauchi family.
The new board includes the new president, Kunio Takagi, a former executive director of Recruit Co. Jiro Amagai, a former bureaucrat of the Ministry of International Trade and Industry, was elected chairman; Takashi Hirayama, a former director at Niko Niko Do Co., was elected vice president.
Acting president Hiroshige Sasaki apologized for Daiei’s dismal performance, as well as for allegations of insider trading that sparked the departure of its former president, Tadasu Toba.
The retailer unveiled a revised three-year restructuring plan in November that may mean closing 32 loss-making outlets and shedding 4,000 employees.