Asahi Kasei Corp. President Toshio Asano plans to step down to take responsibility for a piling data fabrication scandal involving a subsidiary, informed sources said Sunday.
Chief Financial Officer Hideki Kobori, 61, is expected to replace Asano, 63, as president of the major chemicals maker, the sources said.
Asahi Kasei Construction Materials Corp. was recently found to have fabricated data on 360 of the 3,052 piling projects it conducted over the past 10 years, a scandal that dealt a blow to Asahi Kasei’s image. Despite being a chemical giant, Asahi Kasei is also known for building quality houses under the Hebel Haus brand.
The personnel change comes as the parent’s new midterm business plan goes into force in April.
Asano took the helm of Asahi Kasei in April 2014 as the first president selected from the health care division. Kobori comes from the electronics materials division.
Source: The Japan Times
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.