The US$2.5 billion ($3.2 billion) company’s biggest shareholder, DIC, an ink maker that has long been a “stable shareholder” with its 20.04% stake, has come out against Sato.
In a sign of rising shareholders’ activism, a president of a semiconductor material maker is at risk of getting voted out of office at the firm’s annual general meeting Saturday.
Eiji Sato is facing an uphill battle to be re-appointed as president and CEO of Taiyo Holdings, a position he has held since 2011, after some shareholders criticised his response to various acquisition proposals as being too slow.
