The Board of Directors of J.Front Retailing announced the following nominations:

• Mr Tatsuya Yoshimoto is named President and Representative Executive Officer of J Front Retailing;
• Mr Ryoichi Yamamoto is becoming Director, Chairperson of the Board of Directors;
• Mr Taro Sawada is named Director and Senior Managing Executive Officer at J Front Retailing; he is also scheduled to assume the position of President and Representative Director of Daimaru Matsuzakaya Department Stores.

Three years have elapsed since the transition to a company with three committees (nomination, audit, and remuneration committees) and the voluntary adoption of the International Financial Reporting Standards (IFRS). Among the growth strategies outlined in the FY 2017–FY 2021 Medium-term Business Plan, aimed at the realization of the Group vision ‘Create and Bring to Life ‘New Happiness,’ the Company carried out a large-scale redevelopment projects of the main building of the Daimaru Shinsaibashi store and the Shibuya PARCO in FY 2019 as planned, following the successful completion of GINZA SIX and Ueno Frontier Tower. In addition, the Company has made a significant achievement in making PARCO a wholly owned subsidiary. Looking forward, the Company is planning to innovate the business structure, further strengthen the Group management, and enhance corporate value.

Congratulations to Mr Yamamoto, Mr Yoshimoto and Mr Sawada for their nominations and join us in welcoming the new team.