Meiji Yasuda Life Insurance Co. said Friday that 11 executives, including President Ryotaro Kaneko, will step down Nov. 30 to take responsibility for the company's repeated failure to pay legitimate insurance claims.
The decision, which sees the removal of all nine senior officials at the firm, supersedes an announcement last month that only Kaneko, Chairman Mikihiko Miyamoto and Vice President Yukichi Ozawa would resign over the fiasco.
Managing Directors Kenji Matsuo and Kenichi Sekiguchi will replace Kaneko and Miyamoto, respectively, on Dec. 1, the insurer said.
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