Latest news with #YoshitakaKitao
17-05-2025
- Business
Dalton Slams Fuji Media for Opposing Board Nominees
News from Japan Economy May 17, 2025 15:51 (JST) Tokyo, May 17 (Jiji Press)--Dalton Investments, a major shareholder of Fuji Media Holdings Inc., on Saturday criticized the Japanese media group for opposing its nominees to Fuji Media's board. Fuji Media "has opposed all our nominees without any form of dialogue," the U.S. firm said in a statement. "It does not appear that our candidates were even given serious consideration." The statement was released a day after Fuji Media announced its opposition to all of Dalton's 12 nominees, including Yoshitaka Kitao, chairman and president of online financial group SBI Holdings Inc., while adding four new people to its own list of board member candidates. "We had no discussions with the company regarding our proposed candidates," Dalton complained. Regarding the process for selecting possible directors, the firm voiced "serious doubts whether the outgoing directors have acted as honest fiduciaries in the best interest of shareholders." [Copyright The Jiji Press, Ltd.] Jiji Press
16-05-2025
- Business
Japan's Fuji Media Adds 4 Director Candidates
News from Japan Economy May 16, 2025 23:29 (JST) Tokyo, May 16 (Jiji Press)--Japan's Fuji Media Holdings Inc. said Friday that it has decided to add four individuals to its list of director candidates, including Takashi Sawada, former president of convenience store chain FamilyMart Co. The parent of scandal-tainted Fuji Television Network Inc. also announced its opposition to a list of 12 outside director candidates proposed by U.S. fund Dalton Investments, a major Fuji Media shareholder. The 12 include SBI Holdings Inc. Chairman and President Yoshitaka Kitao. Fuji Media's remaining new director candidates are a company executive, a professor and a lawyer. "We've judged that this board composition is optimal" in terms of strengthening the corporate governance and legal compliance systems, Fuji Media Executive Vice President Kenji Shimizu, expected to become the next president of the company, told a press conference Friday. Fuji Media's board assessed Dalton's proposal and found that there are overlaps between the candidates' knowledge and achievements and those of Fuji Media's candidates, Shimizu said, explaining the reason for the opposition. [Copyright The Jiji Press, Ltd.] Jiji Press
Japan Times
12-05-2025
- Business
- Japan Times
Dalton Investments seeks talks with Fuji Media to avoid proxy fight
Dalton Investments' co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings, and called on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings' outspoken Chairman Yoshitaka Kitao. It is also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform. In an interview, Rosenwald said he hoped Fuji TV President Kenji Shimizu would engage in talks before the the broadcaster's full-year earnings results Friday. Shimizu is slated to be the president of the group, pending approval at the annual shareholders' meeting in June. "I would love to negotiate a settlement with him,' he said. "You should be able to negotiate without having to fight in front of all the shareholders and go to a proxy contest.' Fuji Media is under fire over its repeated dismissal of sexual assault accusations against former TV host Masahiro Nakai. The flight of big-name advertisers spurred Fuji Media to slash its annual outlook and overhaul its board. But Dalton and other investors say that's too little change to address a company-wide lack of accountability.
Bloomberg
12-05-2025
- Business
- Bloomberg
Activist Dalton Seeks Talks With Fuji Media to Avoid Proxy Fight
Dalton Investments' co-founder James Rosenwald said he wants to avoid a proxy fight with Fuji Media Holdings Inc., calling on the Japanese broadcaster to negotiate a settlement. Dalton is proposing 12 candidates to Fuji Media's board, including SBI Holdings Inc. 's outspoken Chairman Yoshitaka Kitao. It's also demanding the media group, which is grappling with a sexual assault scandal, spin off its real estate business, unwind cross shareholdings and push through corporate governance reform.
Japan Times
16-04-2025
- Business
- Japan Times
U.S. investor to propose candidates for Fuji Media's board
U.S. investment firm Dalton Investments, a major shareholder in Fuji Media, will propose candidates for the Japanese media group's board of directors, Dalton officials said Tuesday. Fuji Media is the parent of Fuji Television Network, which has been under fire for its handling of a sex scandal involving former TV star Masahiro Nakai. According to Bloomberg, Dalton is seeking the appointments of 12 people, including Yoshitaka Kitao, chairman and president of Japanese financial service firm SBI, to Fuji Media's board ahead of the company's general shareholders meeting planned in late June. Other candidates include James Rosenwald, co-founder of Dalton, Minoru Kikuoka, former president of Japan Display, and Atsushi Fukuda, CEO of Starto Entertainment, which took over the talent management operations of now-defunct Johnny & Associates, Bloomberg said. Dalton said in a statement that the old-fashioned corporate structure of Fuji Media must be swept away. In addition to revamping Fuji Media's board of directors, Dalton called on the media group to spin off its real estate business and to work on reforming Fuji TV's business structure and improving the broadcaster's content production capabilities.
