Nippon Paint's new management system to become effective as of April 1 was decided on at the Board of Directors meeting held on February 26. At this time, a new organization to be launched after the upcoming General Meeting of Shareholders scheduled for late June was also decided upon. Announcements regarding the new systems were made immediately.
I will be relinquishing the post of representative director and president on March 31, and will then become non-executive corporate adviser after the shareholders' meeting is concluded. When first appointed president, it was my intention to work as hard as possible until I “burned out.” The four years passed as expected, but the “burning out” part left me with various regrets. Such a rapid deterioration of worldwide economic conditions like we are currently experiencing was something we could not have known. At such a time, our shift to a new management system carries much more significance. We have indeed put “new wines in new bottles.”
Mr. Kenji Sakai will assume the post of president effective April 1. He is a man of outstanding management sensibilities and great acumen, whose technical background is cloaked by his business achievements, one being spinning off a non-profitable business into a separate joint-venture company and successfully rebuilding it. His warm personality and popularity were also factors I took into consideration in selecting him as the right man who will look after my duties after I step down. And though the business environment surrounding us is extremely challenging, I am confident that all Nippon Paint Group employees will unite under the leadership of the new president and overcome numerous difficulties.
Nippon Paint will celebrate the 128th anniversary of its foundation on March 14. As the day approaches it is my particular wish that the Company will continue to build on its history, adding its role as a corporate entity that benefits society as it heads toward its 150th and 200th years.
It has been a fulfilling four years and I would like to take this opportunity to thank all for the unflagging support and guidance I received while serving in the capacity of president.
