April 20, 2009

Renown Announces Resignation of All 5 Directors

Renown Inc, one of Japan's major apparel makers, has announced that all of its 5 board members will resign and the company will appoint a 47-year old planning department manager as its new president under a new restructuring plan.

The decision is aimed at ducking a proposal from Neoline Capital Co., the firm's biggest shareholder, to send three executives to the apparel maker's board to maintain initaitive in rebuilding its ailing operation. Neoline Capital, a consumer finance company and an investment fund operator, holds a leading stake of roughly 25% in the apparel maker.

Renown will seek to have the plan endorsed during its May 28 general shareholders meeting.

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