Trading house Marubeni Corp, the largest stakeholder in beleaguered retailer Daiei Inc., has appointed Toru Nishimi to succeed Yasuyuki Higuchi as Daiei CEO.

Nishimi is currently a corporate senior vice president at Marubeni, and will take up the post at Daiei as of 1 September.

It was reported yesterday (22 August) that Higuchi is to step down in October for undisclosed reasons.

Marubeni became the top shareholder of Daiei earlier this month, increasing its stake to 44.6% through the purchase of shares from the Industrial Revitalisation Corporation of Japan (IRCJ), a state-backed bailout body.