Source: KHL Group

Editor: Chris Sleight

Takeo Obayashi, chairman and CEO of Japan's fourth largest general contractor Obayashi, resigned on Monday, following the company's alleged involvement in a series of bid-rigging scandals. Company president Norio Wakimura and executive vice president Yoshishia Obayashi also resigned.

However, the three men will still work for the company. Takeo Obayashi will become be a board director – effectively a demotion, while the other two will be retained as non-executive advisors. Toru Shiraishi, a senior manager with the company, will take over as chairman and CEO.

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Posted by pichu at June 5, 2007 9:28 PM