Lixil shareholders voted to reinstate the former chief executive and voted for directors he supported. Management-backed nominees won seats too. That leaves a possibly unwieldy and contentious board to oversee a turnaround: jgfarb
The former chief executive of Japanese toilet maker Lixil was reinstated by shareholders in a vote on June 25, after his abrupt resignation in October triggered a revolt by a group of them.
Shareholders endorsed Kinya Seto, along with five other director candidates he had backed, at the annual general meeting. Another six candidates proposed by management were also elected to the board, while two appointees were supported by both sides.Lixil shares were up 17%, to 1,730 yen apiece, in morning trading on June 26 in Tokyo.
“We understand that the new board of directors have made a strong commitment to work together as one team,” a Lixil spokesman wrote in an emailed response to Breakingviews questions. “Now consisting of nine outside directors and five internal directors, the new board offers a broad range of supervisory skillsets and a high level of independence. This board structure will enable Lixil to strengthen its governance and build on strategic continuity to enhance the corporate value of the company.”
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