Japan's Suntory Holdings said on Thursday that Executive Vice President Nobuhiro Torii will become president next March, putting the food and beverage conglomerate back under the leadership of a founding family member.
Takeshi Niinami, who took the helm of the family-owned firm in 2014 as its first outsider president, will become chairman and continue to hold the title of chief executive officer, providing overall support for Torii, the company said.
Suntory had purchased U.S. spirits company Beam for $16 billion including debt, just months before Niinami became president, marking a major step in expanding its overseas operations.
"I intend to solidify the domestic liquor business, improve its sales and profit, and strengthen its profitability, which is a prerequisite for us to become a global company and compete with other major global players," Torii told a press conference on Thursday.
Torii, a former banker, is a great-grandson of Suntory founder Shinjiro Torii.
