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10 Lixil execs join rebels against Chairman Ushioda

Jiji Press TOKYO (Jiji Press) — Ten executives of Japanese housing equipment maker Lixil Group Corp. have joined rebels against Chairman Yoichiro Ushioda, informed sources said Wednesday.

The 10 executives sent a letter critical of founding family member Ushioda, also chief executive officer, to a member of Lixil Group’s nomination committee, according to the sources.

Also criticizing President and Chief Operating Officer Hirokazu Yamanashi as unqualified for the corporate leadership, the letter called for the return of former President and CEO Kinya Seto, effectively dismissed by Ushioda.

The nomination committee is having final discussions to set the list of director nominees that will be proposed at a general meeting of shareholders in June, the sources said.

The list will be made public as soon as it is decided.

“Ushioda’s vision is harmful to Lixil Group’s employees and shareholders,” the 10 executives said in the letter, asking the committee to choose the nominees without being influenced by the current top leadership.

At a news conference last month, Ushioda announced his intention to take responsibility for the ousting of Seto, which triggered an internal feud. Ushioda promised to step down as a board member on May 20 and as chairman and CEO after the shareholder meeting.

Yamanashi, whom Ushioda put up as Seto’s successor, also agreed to quit the board. But he said he would leave the nomination committee to decide whether he should stay as COO or in any other post.

In addition, Ushioda told a meeting with analysts just after the press conference that he wants to give the post of CEO to Yamanashi.Speech

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