Fast Retailing Co. Ltd. Chairman, President and CEO Tadashi Yanai has appointed his two sons as directors of the company shortly after delivering its annual earnings report, the Nikkei Asian Review reported Oct. 12.
Kazumi Yanai and Koji Yanai, who are senior vice presidents of the group, will take on their new roles after a shareholder meeting on Nov. 29, the report said. Kazumi is the global chairman of Fast Retailing's subsidiary Link Theory, while Koji oversees sales strategy at the company's flagship brand Uniqlo, the Nikkei added.
Executive Vice President and CFO Takeshi Okazaki will also be part of the company's six-member board, according to the report.
The newswire said Yanai dismissed speculations that his sons will eventually take charge of the company, saying the appointments only mean that corporate governance will function even in his absence.
Yanai, who is already 69 years old, previously told the Nikkei that he is looking for a successor from within the company as he plans to retire when he turns 70.