A change at the top of one of the world’s largest seafood companies, Japan’s Maruha Nichiro, has been announced.

The Tokyo-listed group said Masaru Ikemi, who joined the business more than 30 years ago, has been promoted from his role as senior managing executive officer to president and CEO.

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Ikemi, 62, will replace Shigeru Ito on 1 April. Ito will became the company’s chairman.

In a brief statement, Maruha Nichiro said the changes had been made “to strengthen the management structure of the company’s group”.

The change at the helm was announced yesterday (3 February) on the same day as Maruha Nichiro announced a fall in third-quarter sales and earnings.

The declines meant Maruha Nichiro now forecasts its annual net sales, operating income and net income in the year to the end of March 2020 to all be down on the previous 12 months.

In the year to 31 March 2019, Maruha Nichiro generated net sales of JPY922.47bn (US$8.42bn), operating income of JPY21.76bn and profit attributable to owners of parent of just short of JPY17bn.

The company now expects its net sales in its current financial year to hit JPY910bn, operating income to reach JPY17.5bn and profit attributable to owners of parent to be JPY13bn.