Fast Retailing Co. nominated its billionaire founder¡¯s two sons to the board of the Uniqlo operator, but their father insists neither is slated to take over his post, at least for now.
After Asia¡¯s largest clothing retailer announced the nomination of Kazumi and Koji Yanai, Chairman Tadashi Yanai made an effort to clarify the move.
¡°I don¡¯t want people to misunderstand, this is to maintain proper governance,¡± said Yanai in a presentation of Fast Retailing¡¯s earnings Thursday. ¡°I have no intention of bringing them into the top management at this time.¡±
Many have wondered about Yanai¡¯s successor in recent years. Now 69, Yanai is credited with building Fast Retailing from his father¡¯s tailor shop into a global brand, and is seen by many in the industry as the main driver behind the company¡¯s growth and vision.
Four people, including the sons and Chief Financial Officer Takeshi Okazaki, were nominated to the board when the company announced its fiscal year earnings. Both of Yanai¡¯s sons hold the title of group senior vice president at the company.
¡°Okazaki and others in management have been progressing to where, even if I am not here, the company will be run properly,¡¯ Yanai said.
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