Daiei chairman, president quit over stock scandal

Daiei chairman, president quit over stock scandal

TOKYO, Japan - Isao Nakauchi, founder and chairman of Daiei Inc., is surrounded by reporters Oct. 10 after he announced at a news conference both he and President Tadasu Toba are resigning following a stock trading scandal involving Toba. Nakauchi said he will serve as a supreme adviser with the right to represent the company and added he will step down as a board member at a shareholders' meeting next May.

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