In a stunning turn of events, Universal Entertainment, the parent company of Okada Manila, has made significant leadership changes that are set to redefine the future of the organization. The company has scheduled an Extraordinary General Shareholders’ Meeting for September 19, 2024, to address two crucial matters: the removal of former President and CEO Jun Fujimoto as a Director, and the appointment of Tomohiro Okada, son of the company’s ousted founder Kazuo Okada, as a new Director.
The impending shareholders’ meeting represents a pivotal moment for Universal Entertainment as it embarks on a new chapter with Tomohiro Okada at the helm. Tomohiro, who currently serves as a Director of the company’s parent entity, Okada Holdings, possesses a controlling stake of 53.27%. His father, Kazuo Okada, the company’s founder who was forcibly removed in 2017, created a deep divide between father and son.
Universal Entertainment has outlined the strategic reasoning behind the proposed election of Tomohiro, emphasizing, “In order to further strengthen the company’s business activities in Japan and overseas, the company proposes to increase the number of directors by one and to appoint Mr. Tomohiro Okada … as a director.” This move is seen as an effort to solidify control within the Okada family while guiding the company towards a more stable future after years of corporate upheaval.
Jun Fujimoto, a prominent figure in Universal Entertainment’s leadership, now faces imminent dismissal from his position as a Director. Fujimoto’s downfall began following a ruling by the Tokyo High Court in April 2024, which found him guilty of breaching his fiduciary duties. The court determined that Fujimoto orchestrated the transfer of nearly $43.5 million to an external party without valid justification and without following the company’s internal decision-making protocols.
Fujimoto, who relinquished his active roles within the company earlier this year, has been entangled in a web of legal disputes. Of particular note is Fujimoto’s involvement in Kazuo Okada’s ousting in 2017, adding a layer of complexity to his current predicament. Universal Entertainment’s leadership woes have been well-documented, with Fujimoto and Kazuo Okada previously facing a lawsuit filed by shareholder Tsuyoshi Hosoba in 2015, accusing them of breaching fiduciary duties related to the Okada Manila project.
The leadership shakeup at Universal Entertainment, as reported by Inside Asian Gaming, is part of a broader initiative to stabilize the company amidst legal battles and internal discord. The decision to bring Tomohiro Okada into a leadership role signifies a potential shift towards a more consolidated and focused structure, aimed at addressing lingering issues from the past and charting a clear path for future growth.
Conversely, Fujimoto’s removal underscores the company’s commitment to distancing itself from past controversies and reinforcing transparency and proper governance practices. The outcome of the Extraordinary General Shareholders’ Meeting holds significant weight for industry observers, as it could signify a fresh start for Universal Entertainment, one that looks to move beyond its tumultuous history and focus on expanding its operations both in Japan and internationally.
