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Steel Japan Chief Resigns
July 14, 2008
Yusuke Nishi, the co-founder of activist hedge fund Steel Partners’ Japanese affiliate, has resigned.
Nishi co-founded Steel Partners Japan in 2001 and has served as managing principal ever since. The Nikko Securities veteran’s departure comes just weeks after Steel struck the biggest-ever blow for activist investors in Japan, ousting the president and most of the board of wigmaker Aderans Holdings, in which it is the largest investor.
It was the first time the management of a Japanese company had been forced out by an activist fund.
Nishi plans to pursue personal interests, Steel said.
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