Fast Retailing president Tadashi Yanai to step down in 2019

Tadashi Yanai, the founder and president of Fast Retailing – the owner of fast-fashion brand Uniqlo, best known as Japan’s Zara – has announced plans to retire in 2019 when he turns 70, but will continue to chair the board of directors with the aim of monitoring future actions and handling corporate governance matters.

The news was confirmed by the executive in an interview to Japanese newspaper Nikkei, saying that the role requires physical strength and vast knowledge in technology, with the ability to make quick decision and keep up with the ever changing industry.

He also said he will look for a new president for the retail company within its current management team. Fast Retailing has more than 40 executive directors, including two sons of Yanai but he ruled out the idea of one of them becoming his successor.

The executive has already begun drawing up a transition plan for the next two years until his retirement becomes effective. He will remain in the company as chairman, as he said there is no such as retirement for founders.

In 2002, Fast Retailing named Genichi Tamatsuka as president and successor to Yanai, however its founder returned to the role three years later after the business experienced a profit decline. Yanai also announced four years ago he would retire at 65.

Fast Retailing had record net profits of 119.2 billion yen (895.5 million euros) in the financial year ended in August, up 148% on the previous year according to the company’s accounts. Revenue increased by 4.2% to 13.9 billion euros.

Uniqlo is a global brand with more than 1,905 stores worldwide. It was founded by Tadashi Yanai in in Yamaguchi, Japan in 1949 as a textiles manufacturer.