RED Entertainment Announces Management Reshuffle and Goes Independent
12.01.05 - 5:17 PM
Only two weeks after RED Entertainment president Ouji Hiroi expressed his desire to go independent in 2006, his company today announced a major management reshuffle. The company's current chairman of board Teruhisa Hiroi will stay on the board as chairman without executive powers, while at the same time succeeding Hiroi as executive producer. Receiving exeutive powers, former president Yasuaki Naoshi will retain his current position and simultaneously serve as new chief executive officer. The head of RED's business management division Hirohito Horita has been appointed chief financial officer. To serve as auditor, the company hired Tetsuya Isozaki.
This new management team today announced, that it has reached a management buyout (MOB) agreement with Sega. The group of managers has acquired a 59.2% stake in the company from RED's parent company Sega which had previously held a 67% stake in RED. Following today's deal, Sega will continue to hold a 7.8% stake in the Tokyo-based company. At the same time, RED Entertainment emphasized, that its strategic relationship with Sega centering around the Sakura Taisen Project will continue in the future.