Mr. Kiwamu Yokokawa

The shareholders of Skylark Co. voted to dismiss its incumbent president, Mr Kiwamu Yokokawa, according to Nikkei. Backed by Nomura Principal Finance Co. and CVC Capital Partners Ltd., Skylark is believed to have recorded a second consecutive year of net losses. (Japan)

Last autumn, as the company's shares languished at three-year lows, Chairman and Chief Executive Kiwamu Yokokawa considered closing 150 unprofitable outlets and transforming surviving properties into upscale restaurants.Remodeling each store would cost as much as $170,000 and the process would take nearly two years.But Mr. Yokokawa worried that the company's 51,000 shareholders wouldn't have patience for his revival plan.Through a banker, he was introduced to London-based CVC Capital Partners Ltd., and discussions to take the restaurant chain private started.Mr. Yokokawa, one of four brothers who founded the chain, consulted with Tomonori Ito, a UBS AG banker, who explained the mechanics of an MBO.
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"If we succeed, it will be a symbol of the way things are changing in Japan," Mr. Yokokawa said.

After the transaction, Kiwamu Yokokawa, Chairman of the Board and CEO of Skylark, will remain a Director of Skylark and will invest in SNC, directly or indirectly through a company that is financed by Kiwamu Yokokawa after due consultation.Kiwamu Yokokawa will manage Skylark together with Directors to be appointed by him and the investors.