CNN.com - McDonald's Japan founder to go
Den Fujita founded the McDonald's restaurant chain in Japan more than 30 years ago. Story Tools |
TOKYO, Japan -- The founder of McDonald's Holdings Co Ltd (Japan), Den Fujita, is to step down as chairman and chief executive officer of the country's top restaurant chain on March 28.
The move was announced by the company's board Wednesday.
Fujita, a self-made billionaire who turns 77 next week, moved aside as president of McDonald's Japan in 2002 after being at its helm since 1971.
He was replaced as president by Yasuyuki Yagi, but he remained in charge of long-term strategy.
Last month McDonald's Japan reported a group net loss of 2.34 billion yen (about $20 million) for 2002 on restructuring charges stemming from the closure of many of its outlets.
That was its first annual loss since 1973 and reflected the slump in sales from an outbreak of mad cow disease in Japan, aggravated by deflation.
Even a switch to Australian beef was not enough to lure diners back.
Fujita holds an 11.2 percent stake in McDonald's Japan, which is half-owned by U.S. fast-food giant McDonald's Corp.
Shares in McDonald's Japan have slumped since the company listed in July 2001 at an opening price of 4700 yen.
The shares closed Wednesday at 1710 yen and are 1.75 percent lower in early trade Thursday at 1680 yen.
Reuters contributed to this report.
