Japanese travel agency Tabikobo announced that its President and CEO, Shizue Iwata, will resign from her post as a director.
In addition to the improper receipt of Japan’s Employment Adjustment Subsidy, it had come to light that the company inappropriately recorded software assets and deferred losses stemming from travel arrangement mistakes made by a former employee in the corporate sales division. At the time the issues arose, Ms. Iwata held a key position in the corporate division; although she was aware of the matters, she failed to appropriately point them out to the then top management or business divisions and to demand corrective action.
Born in 1978, Ms. Iwata worked at Renown and Specchio before joining Tabikobo in 2013. She became head of the Corporate Division in April 2018, a director in June 2022, and Representative Director and President in February 2023.
Hirofumi Asai, who assumed the role of Representative Director and President on September 1, had also been in the corporate division when the issues occurred; however, his strong tendency to follow the instructions and intentions of the then top management meant he did not take appropriate action. He is expected to step down as Representative Director on September 25.
After the annual general shareholders’ meeting on September 25, Yuki Kobayashi—who has served as Chief Financial Officer (CFO) at Houlihan Lokey and BitSter—is slated to become Representative Director, while Mr. Asai is expected to remain on the board as a director.
