Universal Entertainment appoints Tomohiro Okada as new President???

Jenny Ortiz September 23, 2024

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Universal Entertainment appoints Tomohiro Okada as new President???

Universal Entertainment has appointed Tomohiro Okada as the new Representative Director and President, effective 19th September. This change follows Mr. Okada’s election as Director, which was approved during an Extraordinary General Shareholders’ Meeting held on the same day. Okada, who holds a majority stake in the parent company, Okada Holdings Ltd, replaces Hajime Tokuda, who has been redesignated as Director and Vice President.

The appointment of Okada comes in the wake of significant internal restructuring. Former President and CEO, Jun Fujimoto, who succeeded the company’s founder Kazuo Okada in 2017, resigned in April after being found to have breached his fiduciary duty. This finding by the Tokyo High Court centred around a 2012 transaction in which Fujimoto authorised a transfer of approximately $43.5 million to an external party without adhering to the company’s decision-making protocols. In response to these developments, Universal Entertainment is contemplating legal action to recover the misallocated funds.??

New leadership takes the helm??

Tomohiro Okada’s extensive career with Universal Entertainment dates back to 1991 when he first joined the company. Over the years, he has held several key roles, including Director of the Development Division and General Manager of the Administrative Division. His return to the board in 2008 and subsequent resignation in 2015 did not mark the end of his involvement, as he continued to contribute to the company through his role at Okada Holdings Limited.??

In his new capacity as Representative Director and President, Okada will oversee the company’s overall management, a step in Universal Entertainment’s efforts to reinforce its leadership team. This appointment also sees a strategic realignment of responsibilities among other key executives. Hajime Tokuda, who temporarily filled the top position, will now focus on corporate planning and foreign business.

Management structure and strategic focus

The company’s revamped management structure, effective immediately, includes Kenshi Asano as Managing Director, responsible for the Administration Department. Takako Okada, who previously served as Representative Director, will now concentrate on managing the Okada Museum and overseeing foreign business activities. The board also includes two outside Directors, Masayoshi Miyanaga and Hiroshi Miyauchi, to enhance governance and compliance.

Universal Entertainment is also taking steps to bolster its governance framework by establishing a Governance Committee. This new body will evaluate the company’s compliance practices and ensure the alignment of its operations with industry standards.??

Ongoing legal and shareholder challenges

The leadership changes occurred amidst a turbulent period for the company, embroiled in legal disputes involving its former executives. The company’s founder, Kazuo Okada, and Fujimoto were both implicated in a 2015 lawsuit filed by shareholder Tsuyoshi Hosoba. The suit accused them of breaching fiduciary duties, including alleged irregular payments amounting to US$40 million related to the Okada Manila project in the Philippines.

Universal Entertainment, which controls Okada Manila through its subsidiary Tiger Resort, Leisure and Entertainment Inc., has faced considerable scrutiny over these allegations. ??