CEO of Wal-Mart Japanese Affiliate Steps Down
Japan, The CEO of struggling Japanese supermarket Seiyu, a Wal-Mart affiliate, resigned Wednesday after the chain posted its fourth straight loss this year.
Masao Kiuchi told reporters that he was stepping down to take responsibility for the poor performance of Seiyu, of which Wal-Mart owns 42%. Seiyu also announced a forecast of a 2005 loss of $66 million. The company previously said that it expected to break even.
Seiyu's current chairman, Noriyuki Watanabe, will assume the role of chief executive.