Steel Partners ousts board of Aderans
TOKYO —
Shareholders in Aderans Holdings Co on Thursday voted down nominations of seven board members including Takayoshi Okamoto, incumbent company president. Aderans’ top shareholder, Steel Partners Japan Strategic Fund (Offshore) LP, has demanded the president and all other board members resign to take responsibility for the wig maker’s slack performance.
Some other shareholders who appreciate the resignation request by the U.S.-affiliated investment fund are believed to have opposed the company-proposed appointments at the general shareholders meeting.
Meanwhile, the company’s nominations of two board members from outside the company were approved.
Aderans now has to find seven new candidates for the board.
In February this year, Steel Partners, which has a 28.8% stake in Aderans in terms of voting rights, requested the firm to revamp its management.
Aderans rejected the request and presented a three-year business improvement plan last month.
JCN
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3 Comments
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Altria
Ha, those smug-faced big wigs had it coming.
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ca1ic0cat
ouch, that pun hurts even over the web. But it's interesting to see that a gaijin holding company was able to smack down the Japanese management. That doesn't happen every day.
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yabits
Better titles:
Rug pulled out from wig company uppers
Wig Management called on the carpet
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