Shiseido Co. Ltd. said Oct. 5 that Tsunehiko Iwai will retire as its executive vice president and representative director, effective Jan. 1, 2018.
Shiseido said the retirement aligns with the company's corporate governance policy, which sets an upper age limit for corporate officers. After Jan. 1, Iwai will act as director until his term expires at the company's ordinary general meeting of shareholders in late March 2018.
Corporate Executive Officer Jun Aoki will replace Iwai as representative director Jan. 1. He will retain the position of corporate executive of the cosmetics company.