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Valeo announces that it has strengthened its role in the management of Ichikoh Industries Ltd., a leading Japanese manufacturer of automotive lighting in which Valeo holds almost 32% of the capital, through a new agreement on the corporate governance and management of Ichikoh.
Under the terms of this agreement Ichikoh will be managed by two Representative Directors with equal management power who will be nominated respectively by Ichikoh and Valeo and chosen from the Board of Directors. The proposed Valeo Representative will be Kazuo Kawashima, currently Group Quality Vice President. The number of Board Members will also be reduced from nineteen to nine, with six proposed by Ichikoh and three by Valeo.
In terms of operational management, Valeo managers will be in charge of quality, electronic engineering, purchasing, financial control and several of the industrial sites.
The appointment of the new Board of Director members will be submitted to the Ichikoh annual shareholder meeting on June 27, 2008.
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