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Changes in important executives in the Kobe Steel Group- The 19th China (Guangzhou) Int¡¯l Plate metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
3/8/2018 plate metal expo-wire expo |
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Kobe Steel Ltd announces that its Board of Directors at the board meeting held on March 5 adopted the following resolutions. It said ¡°These resolutions reflect our company¡¯s taking to heart the substantial troubles we have caused our customers, suppliers, shareholders and many other people in connection with misconduct that took place within the Kobe Steel Group.¡±
At the Board of Directors meeting held on March 5, both Hiroya Kawasaki and Akira Kaneko submitted formal requests to resign from their positions as Chairman, President, CEO and Representative Director and as Executive Vice President and Representative Director, respectively, effective on April 1. Kobe Steel¡¯s Board of Directors accepted the two executives¡¯ requests.
Starting from April 1, 2018, Hiroya Kawasaki and Akira Kaneko will continue to serve as directors but will do so without the representation authority to represent the company. They will hand over their responsibilities to their successors, after which they plan to step down as directors at the Annual General Meeting of Shareholders to be held in late June this year.
Dismissal of Executive Officers (effective as of March 6, 2018)
Takumi Fujii, Managing Executive Officer
Nobuaki Isono, Managing Executive Officer
Reduction of remuneration for an Executive Officer
Seiji Hirata, Executive Officer - 80% reduction in remuneration for 4 months
Reduction of a portion of remuneration for certain directors and executive officers (effective from March 2018)
All directors, excluding those serving as independent outside directors and directors serving as members of the Audit & Supervisory Committee, and all executive officers, excluding those officers identified in Sections 2 and 3 above, will have 10 to 50 percent of their basic remuneration reduced for a period ranging from one month to four months.
Return of a portion of remuneration for a past director and a past executive officer
Kobe Steel¡¯s Board of Directors shall call for two former executives, one who previously served as a director and another who previously served as an executive officer, to return voluntarily a portion of remuneration that they received during their appointment as company executives.
-- The 19th China (Guangzhou) Int¡¯l Plate
metal, Bar, wire, Metal Processing &Setting Equipment Exhibition
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Metal Processing expo
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