Nakauchi gives up all Daiei group representation positions.TOKYO, Nov. 28 Kyodo
Isao Nakauchi, founder of the troubled supermarket chain Daiei Inc., has given up the right of represent any of the companies in the Daiei group, industry sources said Wednesday.
This means that Nakauchi, once dubbed dub 1
tr.v. dubbed, dub·bing, dubs
1. To tap lightly on the shoulder by way of conferring knighthood.
2. To honor with a new title or description.
3. as king of Japan's retail business, could no longer wield wield
tr.v. wield·ed, wield·ing, wields
1. To handle (a weapon or tool, for example) with skill and ease.
2. To exercise (authority or influence, for example) effectively. See Synonyms at handle. any direct influence within the Daiei group beyond his capacity as a major shareholder.
Nakauchi, who at one point sat at the top of a Daiei empire with 300 companies and a work force of 100,000, has already given up all executive positions within Daiei, the supermarket chain he set up in 1957 initially as a drug retailer.
By having Nakauchi relinquish all representative positions within the Daiei group, the current Daiei management apparently hopes that the move would help mollify mol·li·fy
tr.v. mol·li·fied, mol·li·fy·ing, mol·li·fies
1. To calm in temper or feeling; soothe. See Synonyms at pacify.
2. To lessen in intensity; temper.
3. Daiei's bank creditors who have made it clear they want any trace of Nakauchi influence and his management philosophy removed from the Daiei group.
Nakauchi, who will turn 80 next year, has been blamed for leading the Daiei group to its current mess through aggressive business expansion during the years of the nation's bubble economy.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. informed sources, Nakauchi relinquished re·lin·quish
tr.v. re·lin·quished, re·lin·quish·ing, re·lin·quish·es
1. To retire from; give up or abandon.
2. To put aside or desist from (something practiced, professed, or intended).
3. his last company-representation position on Oct. 10 when he stepped down as supreme adviser of Orange Page, a Daiei-affiliated publisher of women's magazines this is a list of women's magazines, magazines that have been published primarily for a readership of women. Currently published
He became a plain board member at Orange Page without representation rights, a job he may give up next year.
Nakauchi's gradual retreat from the Daiei management fits the strategy laid out by Daiei's current president, Kunio Takagi, who faces the tough task of turning Daiei once again into a profitable concern and paring down the group's 2.3 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time.
(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.
In the USA and Canada, 10^12. yen interest-bearing debts.
After taking up his command post at Daiei, Takagi has hoisted a ''de-Nakauchi'' banner as he sought to convince Daiei's bank creditors that Daiei will focus primarily on the business it knows best: retailing.
Nakauchi started retreating from Daiei management in October last year when he relinquished his position as Daiei board chairman and became a board member and supreme adviser to Daiei.
He resigned from the Daiei board in January and assumed the honorary position as Daiei founder.