The holding company, and a president from outside the family (2026)

An opened presidency, and a founding family that stayed

The appointment of Shibusawa Koichi, who came up through accounting and the president’s office, changes the character of a presidency four generations of the founding family had held. He served as chairman of the Chinese subsidiary, then returned to head general affairs, legal, human resources and quality assurance. Given that the problems of 2024 were inventory disposal and store rationalization in China, and a return on invested capital of 2.6%, the choice has a clear logic to it. Rather than the founding family surrendering the presidency, it is closer to the reality to read this as roles being reassigned to fit the problems that had to be solved.

Because command gathered in the holding company, the weight of Kobayashi Kazutoshi, who remains chairman and group CEO, has if anything increased. What outside directors named as a distinguishing feature of the board was the speed of decision that comes from that chairman’s leadership. Kobayashi Shoichi sits as executive vice-president of the holding company and Kobayashi Takao as vice-president of the operating company. The fact that a president has been drawn from outside the family for the first time and the fact that the family continues to occupy the key posts hold simultaneously. That is why the reading of this as an “interim” arrangement will not go away.