Okada Manila parent company, Universal Entertainment Corp has announced elected a new board of directors on Thursday, and it appears the firm’s founder, Kazuo Okada is not on it.
According to a company filing to JASDAQ on Thursday, the company’s shareholders approved the new board at the 44th General Meeting of Shareholders, along with a “new executive officer system.”
Universal Entertainment said it believes that “the new structure will enhance shareholder value by allowing management to operate in a more efficient manner and strengthening corporate governance procedures.”
Jun Fujimoto was re-elected as President, responsible for the domestic business, and is also the CIO and CEO.
Hajime Tokuda, who is COO of foreign business and corporate planning was elected as director, along with Takako Okada, and Kenshi Asano.
The company said it believes the new structure would increase operating efficiency across the company’s domestic Japanese and overseas businesses.
“The new structure is aimed at strengthening corporate governance procedures and further enhancements to the internal control standards of the company’s international subsidiaries,” said the company.
The latest shuffle in the board comes alongside the investigation of founder Kazuo Okada, who is being probed for his involvement in a number of suspicious transactions involving company funds.