We are pleased to announce that our Director and CFO, Mr. Satoshi Saito, has resigned effective September 16, 2025.
As previously announced, the background to this matter is that many shareholders and employees have strongly demanded Mr. Saito's resignation, and that the Board of Corporate Auditors has recommended his resignation due to strong internal and external demands that he be held accountable for his accomplishments.
Mr. Saito himself had expressed his opinion that the above recommendation for resignation by the Board of Corporate Auditors was not justified. However, on September 16, Mr. Saito submitted a notice of resignation, stating that he found it difficult to build a new relationship of trust with shareholders, management, and employees, and that he was unable to continue to perform his duties due to his deteriorating physical and mental health. Mr. Saito submitted a notice of resignation on September 16, 2009.
With regard to Mr. Saito's resignation, certain shareholders have requested that a proposal for his dismissal be submitted if the recommendation for his resignation is rejected, and a senior executive of the Company has also stated that he is considering filing a lawsuit against Mr. Saito personally.
In his resignation, he acknowledged the fact of these disputes themselves, and this disclosure has been made in light of the clarifying circumstances of the disputes with shareholders and executives.
In addition, the shareholders and executives with whom Mr. Saito has a dispute have formally notified the Company that they have no intention of filing a lawsuit or taking any other legal action against the Company, and the Company has confirmed this.
In response to this offer, we respect his wishes and will strive to increase transparency in the marketplace and to improve shareholder and investor relations.
In order to respond to the trust of investors, we are disclosing our resignation today.
