November 10, 2022
Shinsaku Iwahara
External Director, Chair of Nomination & Remuneration Advisory Committee
Shiseido Company, Ltd.
At the Board of Directors meeting held today, the Company decided on a new structure effective January 1, 2023. Masahiko Uotani, the current President and CEO was appointed Chairman and CEO, and Kentaro Fujiwara, the current Regional CEO of Shiseido China was appointed President and COO. Over a three-year period of selection, and numerous assessments by the Nomination and Remuneration Advisory Committee and the Board of Directors, the Board of Directors came to a resolution regarding the succession of Mr. Uotani.
In 2019, when we decided to extend Mr. Uotani's term as President and CEO until 2024, the Board of Directors simultaneously decided to launch a succession plan to select his successor. Since then, the Nomination and Remuneration Advisory Committee and the Board of Directors have held numerous discussions on the required skill sets, experience, and personality required to lead the Group, and have examined a wide range of specific internal and external candidates. During the process of selecting candidates, in addition to discussions with external directors and Mr. Uotani, we have made careful examinations, including exchanges of opinions among external directors, examination of assessment results by external experts, presentations by candidates, and individual interviews between candidates and external directors. In addition, the Nomination and Remuneration Advisory Committee and the Board of Directors agreed that it is necessary to set an appropriate transition period for smooth succession.
Needless to say, the appointment and dismissal of top management is the cornerstone of corporate governance, which external directors should play a major role. All external directors and members of the Board of Directors are keenly aware that it is an important responsibility to execute the CEO Succession Plan and have spent time seriously discussing it. As the Chair of the Nomination and Remuneration Advisory Committee, I would like to ensure you that there were sufficient discussions in this process, considering various internal and external perspectives without bias, and that the process was objective and extremely transparent.
As an external director, I will continue to do my utmost to further solidify the Company's management under the new structure, so that Shiseido continues to grow strongly and sustainably even in a difficult business environment, and to have an even stronger corporate base after Mr. Uotani's term of office ends.
End