Den Fujita, the founder of fastfood chain McDonald’s Japan, is to step down from his position as chairman and CEO of the company as of 28 March.
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Fujita, who last March stepped aside from his role as president, saw the company grow from a single shop in Tokyo in 1971 to a 3,891 store giant.
McDonald’s Japan said 76-year-old Fujita had decided he no longer had the physical energy to do the job as he wanted, reported Reuters.
For 2002, McDonald’s Japan posted its first annual loss since 1973 attributed to heavy restructuring charges and poor sales due to an outbreak of mad cow disease and deflation in Japan.
Fujita holds an 11.2% stake in McDonald’s Japan, and is likely to keep hold of those shares. The Fujita family as a whole is expected to hold on to its total stake of around 23%. McDonald’s Japan in 50% owned by US fastfood giant McDonald’s.
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