Scandal-hit Fuji TV's parent firm faces challenge of revamping executive lineup
The parent firm of scandal-hit Fuji Television Network is facing the challenge of how to revamp its top executive lineup as it seeks to improve its corporate governance.
Fuji Media Holdings announced on Wednesday that its president, Kanemitsu Osamu, will step down in June along with three external board directors. Kanemitsu had been one of the candidates for Fuji Media's next chairman.
Fuji Media announced major changes in its management structure on March 27. The holding firm and Fuji Television have been under fire for their handling of a sexual assault scandal involving a TV personality.
The holding firm said the retirements announced on Wednesday are part of its management reforms.
Separately, Dalton Investments, a US investment fund and major shareholder of Fuji Media Holdings, says it wants to appoint 12 new directors to the board of the holding company.
They include Kitao Yoshitaka, the head of major Japanese financial services firm SBI Holdings.
Fuji Television President Shimizu Kenji is expected to be appointed as the next president of the parent company. He told reporters on Wednesday that Dalton's proposals will be "seriously considered."
The holding firm said it plans to decide on candidates for new directors in a board meeting this month.
Fuji Media also announced on Wednesday that it has revised downward its earnings projections for fiscal 2024.
It said it expects a net loss of 20.1 billion yen, or about 140 million dollars. Its previous forecast was a net profit of 9.8 billion yen, or about 68 million dollars.
Fuji Media says this will be its first net loss since it became a certified broadcasting holding company in 2008. It will also be the first since Fuji Television went public on the Tokyo Stock Exchange in 1997.
The holding firm faces the challenge of rebuilding its management structure amid the uncertainty of how it can improve its performance.
The number of Fuji Television's corporate sponsors airing commercials dropped sharply after the scandal surfaced.
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