Organizational Changes
March 27, 2003
To further reinforcing its group management systems in the new era of consolidated accounting settlements, Nippon Yusen Kaisha (NYK) has announced it will make the following organizational changes.
1) Establishment of the Post of Honorary Chairman
NYK Chairman Jiro Nemoto will step down from his current post at the conclusion of the company's next regular shareholders' meeting on June 27 to become NYK's first honorary chairman.
2) Concurrent Appointment of Directors of NYK Affiliates as NYK Executive Officers
NYK will on April 1 introduce a new system of appointing directors of its affiliates as NYK executive officers.
By this means, NYK hopes to further solidify its cooperative relationships with its subsidiaries, encourage group companies to seek a deeper understanding of its management policies, and obtain suggestions regarding management from affiliates that may have different ideas.