Japan’s Welcia Says President Steps Down due to ‘Inappropriate Behavior’

Yomiuri Shimbun file photo
A Welcia drugstore

TOKYO (Reuters) – Japanese drugstore operator Welcia Holdings said on Wednesday President Tadahisa Matsumoto has stepped down due to “inappropriate behavior in his private life.”

Welcia, in a statement, cited “inappropriate conduct in his private life that has been deemed detrimental to the company’s credibility,” for Matsumoto’s stepping down. It did not provide further details.

Retailer Aeon Co, which owns more than 50% of Welcia, said separately it had dismissed Matsumoto as an executive officer.

Matsumoto, 64, had been an officer of Welcia for 16 years, according to LSEG data.