2 November 2005 – Tokyo (JPN): Japan-based retailer Seiyu has announced the appointment of Ed Kolodzieski, currently SVP/COO of Wal-Mart International, as president and CEO on 15 December, pending shareholder approval.
Noriyuki Watanabe, currently CEO and chairman of Seiyu, will retain his post as chairman.
Seiyu also revealed that it will receive a cash injection of ¥115 billion ($986 million) from Wal-Mart and Mizuho Financial Group, as part of an agreement that will see the firm issue ¥35 billion in new shares to Wal-Mart and Mizuho.
The deal will see Wal-Mart take a voting stake of 53.56 per cent in Seiyu.
