TOKYO — Taiyo Holdings President Eiji Sato’s reappointment as a board member was rejected Saturday at the chemical maker’s general shareholders meeting, with top investor DIC and the founding family voting against the resolution.
Sato will step down as president as a result, in a rare development at a publicly traded company in Japan. Compatriot chemicals manufacturer DIC, the top shareholder with 20% of the voting rights, had announced that it opposed Sato’s reappointment before the general meeting.
