Askul CEO dismisses threat Of ouster From top shareholder Yahoo JapanThe Japan times #Columns_MultimediaJuly 20, 2019
Yahoo’s opposition to his reappointment is “an act of tyranny by a controlling shareholder and ignores the interests of minority shareholders,” Iwata told a news conference in Tokyo.
Yahoo said Wednesday that it would vote against a proposal to reappoint Iwata at an Askul shareholders meeting set for Aug. 2.
Askul and Yahoo formed a capital and business alliance in 2012 and launched online shopping site Lohaco in October that year.
But Lohaco remains unprofitable.
In January this year, Yahoo proposed selling the business, Iwata said.
Yahoo’s stance has changed since Kentaro Kawabe became president in June 2018, Iwata said.
Kawabe is said to be calling for an end to the partnership.
Iwata is also under pressure from Plus Corp., another stationery firm and the second-largest shareholder of Askul, which on Wednesday expressed its opposition to his reappointment.
He noted that Askul has the right to buy back its own shares currently owned by Yahoo if there are breaches to the partnership contract.
Askul may exercise that right if Yahoo refuses to dissolve the partnership.
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