Japanese seafood giant Maruha Nichiro announced this week the resignation of Shigeru Ito, Chairman and former CEO. In a brief statement, the company informed that the change is due to health reasons. The resignation is effective as of last Tuesday, January 31.
With this resignation, the current CEO, Masaru Ikemi, remains as the sole representative of the company. "Even after the resignation of said director, the number of directors as stipulated by law and the Articles of Incorporation is still fulfilled", said the announcement. The release also notes that following the resignation, Shigeru Ito will assume the position of corporate advisor from February 1, 2023 to March 31, 2023.
Last November, Maruha Nichiro reported that the Processed Foods Business Unit and Foodstuff Distribution Business Unit had suffered a decrease in operating income, forcing the company to revise its consolidated earnings forecast for the fiscal year ending March 2023.
The resignation comes in a challenging year for the company, which is also engaged in a joint project with Mitsubishi Corporation for a land-based salmon farm. The new company, called ATLAND Corporation, will be located in Nyuzen City, Toyama Prefecture. With an expected initial capital of JPY 11 billion (€77.6 million / $85.3 million), with this joint venture the two companies hope to create a local production business model for local consumption in Japan's salmon industry.
Although it also has businesses in chemicals, beverages, meat import, manufacture, and sale of meat products or raw materials for animal feed, Maruha Nichiro Corporation focuses largely on the fishing industry. Fishing, aquaculture, trade – processing – sale of marine products, surimi products, and the first complete bluefin tuna farming in the private sector are some of its businesses.
