A report coming out of Japan Today said all eight board members of Pentax Corporation will resign in June, as current CEO Takashi Watanuki expressed his desire to step down to take responsibility for confusion in the camera maker’s management over merger talks with Hoya Corp.
All board members are set to leave after a shareholdersâ€™ meeting in June, and CEO Watanuki may be replaced by Ko Torigoe, Pentax’s senior executive officer in charge of its digital camera division.
The scenario has actually been ironed out earlier with Pentax agreeing that two of its senior officials and two from Hoya, plus one outside director will make up the new five-member board. Itâ€™s a transitory arrangement until Pentax convenes an extraordinary shareholdersâ€™ meeting in October.
It appears, however, that asset management firm Sparx Group Co., which is the biggest stakeholder in Pentax, is critical of CEO Watanuki and does not want him to stay on as president.