Aeon Gets New President After Losses

Japan: Japanese retail giant Aeon Co. has promoted Executive Vice President Akio Yoshida to president effective March 1, the first change in the post in 23 years.

Yoshida, 59, will succeed Motoya Okada, 68, a member of the founding family of the retailer, who will become chairman and retain his position as CEO, according to a report in the Japan Times.

The company announced a group net loss of ¥6.3 billion ($58 million) in the nine months to November, compared with a net profit of ¥600 million a year earlier.

Although Aeon has been profitable in its financial and overseas businesses, it has been struggling in the supermarket business in Japan.

According to Khmer Note, operating turnover in ASEAN increased by more than 155% in 2019 compared to the same period in 2018. Despite the losses Aeon Mall plans to open its third branch in Cambodia by 2023, and it will be the largest at 174,000 square meters.