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Lixil rebuffs ex-CEO on naming board candidates

Jiji Press TOKYO (Jiji Press) — Major housing equipment maker Lixil Group Corp. announced on Monday eight candidates for its board of directors, to be submitted to a general meeting of its shareholders in June.

Former Lixil President and Chief Executive Officer Kinya Seto, a current board director and Lixil shareholder who is at odds with Chairman and CEO Yoichiro Ushioda, has asked the company to include eight people, including himself, in its list of director nominees.

But the list does not include Seto. On Monday, Seto, who aims to return as CEO after being removed from the post and as president last autumn, expressed anger and said that he still intends to realize his shareholder proposal.

None of the eight people on the Lixil list have ever been appointed to the board. Seven of them are from outside of the company.

Only two of the eight people proposed by Seto, including former Supreme Court justice Kaoru Onimaru, are on the company’s list.

The management feud between Ushioda, who is from the founding family of Lixil, and Seto is set to escalate further.

In talks with reporters in Tokyo on Monday, Seto said he will continue to call for all eight people he proposed to be appointed to the Lixil board.

The current board consists of 12 directors. Ushioda has expressed his intention to resign as board director on May 20. In addition, President and Chief Operating Officer Hirokazu Yamanashi and the head of the nomination committee that decided the company’s eight director candidates will also step down from the board.Speech

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