Akebono Announces Shareholder and Leadership Changes

Akebono Brake Industry Co., Ltd. has announced significant developments regarding its shareholder structure and leadership team. The changes stem from the exercise of rights by Japan Industrial Solutions Fund II (JIS Fund), a holder of Class A Shares, to acquire common shares of the company. This decision is expected to impact major shareholders and leadership positions, as well as necessitate an extraordinary general meeting of shareholders.

Key Highlights

Shareholder Changes: JIS Fund plans to exchange 6,300 Class A Shares for 137,391,581 common shares by January 15, 2025.
- This will elevate JIS Fund to the largest shareholder, holding approximately 50.72% of voting rights.
- Toyota Motor Corporation, currently the largest shareholder, will become the second-largest, holding 5.72% of voting rights.
Extraordinary General Meeting:
- Scheduled for February 28, 2025, with a record date of January 21, 2025.
- Agenda includes the election of a new Director to lead the company’s future growth.
Leadership Transition:
- Hiroshi Nagaoka, a seasoned automotive executive, will assume the roles of President & CEO on January 1, 2025, and Representative Director after shareholder approval.
- Yasuhiro Miyaji, the current President & CEO, will step down and transition into a supporting role until the leadership change is finalized.

Shareholder and Leadership Developments

The transition follows a series of steps outlined in the company’s business strategy to strengthen corporate governance and improve shareholder value. JIS Fund’s increased shareholding underscores its commitment to collaborating closely with Akebono’s new management team, led by Hiroshi Nagaoka, to drive innovation and corporate growth.

Hiroshi Nagaoka, with 38 years of experience at leading automotive companies, is seen as pivotal in guiding Akebono’s strategic revival. His background includes senior positions at Nissan Motor Co., Ltd. and Mitsubishi Motors Corporation, where he spearheaded engineering and product strategies.

Future Implications

The move is expected to reduce Akebono’s tradable share ratio below the 35% threshold for the Tokyo Stock Exchange Prime Market. Akebono plans to evaluate transferring to the Standard Market while continuing efforts to align its governance with regulatory and shareholder expectations.

Further announcements regarding the shareholder classification of JIS Fund under Tokyo Stock Exchange regulations will follow as evaluations progress. Akebono reaffirmed its commitment to enhancing corporate value and fostering trust with all stakeholders under its evolving management structure.

For more information, visit Akebono’s official website.

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