Universal Entertainment announces new management structure

The company said the new structure is intended to reduce the excessive concentration of authority.

The Philippines.- Universal Entertainment has announced a new management structure with a board and 12 executive officers after its annual shareholder meeting on March 27. The change is intended to “reduce the excessive concentration of authority and to facilitate speedier decision making.”

The company said: “The board of directors will make decisions on broad business strategies. Directors will appropriately supervise executive officers, thereby further strengthening UEC’s [Universal Entertainment Corp’s] governance structure and striving for sustainable growth of the company and enhancement of corporate value over medium to long term.”

Shareholders appointed four directors and one board member for audit and supervisory matters. Three directors were reappointed: Tomohiro Okada, who is also the president of Universal Entertainment; Masayoshi Miyanaga; and Hiroshi Miyauchi. The new director, Yoshiyuki Shouji, will oversee overseas business operations as well as legal and intellectual property matters. Shareholders also approved Kuninobu Okuda as a full-time audit and supervisory board member.

In a separate notice, Universal Entertainment announced that its parent company, Okada Holdings Limited, holds a controlling interest, with 70.30 per cent of its voting rights.

Tomohiro Okada holds leadership roles in both companies, serving as a director at Universal Entertainment and at Okada Holdings. He is the son of Kazuo Okada, who founded the company but was later removed from his position.