Katsunosuke Maeda, the chairman and CEO who boosted Toray Industries Inc.'s earnings in the midst of an industry decline, said Monday he will step down from both posts in June.
The 72-year-old Maeda said he thought it would be a good time for him to resign because the fabric maker's restructuring measures, put in place in April 2002, will have achieved a certain level of progress.
He said he will also quit as a board member.
There has been no decision as to the next chairman, but Toray President Sadayuki Sakakibara is set to concurrently serve as CEO.
Maeda has earned a reputation as a skilled entrepreneur during his tenure with the company. He became Toray's president in 1987.
While a number of domestic rivals scaled back after an influx of cheaper imports, Toray, under Maeda's leadership, boosted sales and profitability by launching new products and cutting costs.
But Toray, established in 1926, faced criticism as leaning toward gerontocracy when it reappointed Maeda as CEO in 2002 after he had stepped down from the post.