Wal-Mart International C.O.O. Tapped to Be C.E.O. of Seiyu
TOKYO -- Japanese supermarket chain operator Seiyu, Ltd., based here, said yesterday that Edward Kolodzieski, Wal-Mart International s.v.p. and c.o.o., would become Seiyu's president and c.e.o. on Dec. 15, pending approval at a shareholders' meeting scheduled for the same day, according to published reports.
Current Seiyu c.e.o. Noriyuki Watanabe will continue to serve as chairman, according to the retailer. Kolodzieski has been a Seiyu board member since 2004.
The company additionally noted that Wal-Mart would become its parent company on Dec. 21 through Wyoming Holding GmbH, a subsidiary wholly owned by the world's biggest retailer, by third-party allotment of new shares. Through Wyoming Holding, Wal-Mart would up its equity stake in Seiyu to 53.56 percent from its present level of 42.43 percent.
Kolodzieski's appointment demonstrates the strength of Wal-Mart's drive to penetrate the Japanese market and guide Seiyu's management decisions, Seiyu said.
Seiyu operates over 400 stores in Japan and has undertaken a financial revitalization program with investment from Wal-Mart.
Current Seiyu c.e.o. Noriyuki Watanabe will continue to serve as chairman, according to the retailer. Kolodzieski has been a Seiyu board member since 2004.
The company additionally noted that Wal-Mart would become its parent company on Dec. 21 through Wyoming Holding GmbH, a subsidiary wholly owned by the world's biggest retailer, by third-party allotment of new shares. Through Wyoming Holding, Wal-Mart would up its equity stake in Seiyu to 53.56 percent from its present level of 42.43 percent.
Kolodzieski's appointment demonstrates the strength of Wal-Mart's drive to penetrate the Japanese market and guide Seiyu's management decisions, Seiyu said.
Seiyu operates over 400 stores in Japan and has undertaken a financial revitalization program with investment from Wal-Mart.