News Suntory CEO resigns over drug-related police investigation

[thomas]

It looks like someone wanted to axe him.


Niinami Takeshi has resigned as chairman of Suntory Holdings after police began investigating his alleged purchase of a supplement that may be classified as illegal in Japan, the company announced on Tuesday. In addition to leading the global drinks and health products group, Niinami also serves as head of the Japan Association of Corporate Executives and sits on Prime Minister Shigeru Ishiba's Economic and Fiscal Policy Council. Known for his outspoken views and high media profile, Niinami is regarded as one of Japan's most visible corporate figures. His resignation has sent ripples through the country's business community. Suntory said that on 22 August, it received a report from Niinami informing the company that an investigation had begun. At a company hearing, Niinami explained that the case involved supplements he had purchased, which he believed at the time to be legal.

Niinami Takeshi

Suntory said it understood that police are currently investigating the legality of the supplement. However, even before the outcome of the probe was known, the company took the view that "a lack of awareness regarding supplements made him unfit for the critical role of chairman." After discussions, on Monday the company received Niinami's request to resign from his position due to "personal reasons." The company did not disclose the supplement in question, but said it was not a Suntory product. In a statement, the company said, "We recognize this as an extremely serious matter in terms of governance."

Suntory had a dual-chairman system involving both Niinami and Nobutada Saji, a member of the founding family who previously served as president. For the time being, Saji will serve as the sole chairman.

Paywall alert:

Suntory chairman steps down amid illegal drug-related police probe

Takeshi Niinami is a top business leader and government panel member

asia.nikkei.com