The OEM has changed representative directors and directors, and has amended its stock acquisition rights and options.
In a pair of press releases here and here, the OEM revealed the changes, with the first seeing the “change in representative directors and directors” at a recent board meeting. This saw current Director and Managing Executive Officer Tadashi Ishiguro becomes Representative Director and Senior Managing Executive Officer, as the previous holder of that post, Shigeki Ishikawa, has resigned after “the expiration of his term”.
The OEM added that the change was made “to ensure further development of our group with a new management structure”, with Ishiguro joining the OEM in 1984 before transferring to Brother USA in 1987, where he became Director and President in 2005, then Group Executive Officer in addition to that role in 2011.
Other job changes followed while remaining Director and Chairman, including: Group Managing Executive Officer in 2014; Director and Group Managing Executive Officer that same year; Head of Industrial Parts Business in charge of Corporate Planning Department in 2015; and then Director and Managing Executive soOfficer and General Manager in charge of P&S Business Planning Department, SOHO and Emerging Country Business Development Department as well as SMB and S&S Business Development Department.
Other directors were “to be approved” including Tasuku Kawanabe, who already holds the role of Managing Executive Officer and will retain that; Yuichi Tada, who is currently Group Executive Officer and will become another Managing Executive Officer; and Keisuke Takeuchi as “outside” Director, who currently holds the role of Principal Corporate Advisor at JGC Corporation. Both Tomoyuki Hasegawa and Yukihisa Hirano have resigned their roles as Directors.
The second release meanwhile was a “notice of issue of stock acquisition rights as stock options for a stock-linked compensation plan for directors and executive officers”, which will be “allotted in the form of equity warrants”. This has been changed to “improve incentives of directors and executive officers to be committed to long-term increase[s] in company performance”.
One interesting area of this was how this would be affected by the company splitting, so “if the company conducts a stock split […] the number of shares for each equity warrant” would be adjusted, while if the company “is merged, split or subject to an exchange or transfer of its stock”, Brother “may adjust the number of shares within a reational range in consideration of the conditions of the merger”.