Yokohama Rubber Co. Ltd. will introduce "corporate officership" into its new management organization immediately after the 128th regular general meeting of shareholders on June 29, 2004.
The change was announced following the company's board of directors meeting earlier today.
The company says corporate officers will be responsible for running the business on a day-to-day basis, allowing the board of directors to take responsibility for corporate decision-making in a more supervisory role.
Corporate officers will "further strengthen corporate governance and improve the efficiency and transparency in corporate management," according to the company.
After the introduction of corporate officership, the number of directors will be reduced from 19 to seven, while the number of corporate officers will be 19. Five of the officers also will be directors.
The tenure of the following directors and corporate officers is one year, adds Yokohama.
* Yasuo Tominaga, chairman and representative director.
* Tadanobu Nagumo, president and representative director.
* Keigo Ueda, director and senior managing corporate officer.
* Takashi Sugimoto, director and senior managing corporate officer.
* Takashi Yamashita and Toshihiko Shiraki, managing corporate officers.
Toshihiko Shiraki, Shinichi Suzuki, Koichi Tanaka, Takashi Fukui, Toru Kobayashi, Toshihiko Suzuki, Norio Karashima, Masamichi Danjo, Akihisa Takayama, Michio Yuge, Hiroshi Hosoya, Toshio Izawa and Yasuhiro Mizumoto were named corporate officers.
Four retiring board members received new duties with the company. They are Hisao Suzuki, senior advisor; Keimei Kiyoura (president of Hamagomu Real Estate Co. Ltd.), honorary advisor; Kouji Ikawa (chairman of Yokohama Tire Corp.), advisor; and Seiji Miyashita (president of Acty Corp.), advisor.
