Mannesman says Esser will become chairman

Article Abstract:

Mannesmann AG announced that Klaus Esser, its chief financial officer, will become the head of the group upon the retirement of Chairman Joachim Funk in 1999. Mr. Funk is expected to leave office on May 28, 1999, the same time that Mannesmann holds its stockholders' meeting. Mr. Funk, who has been the group's chairman since 1994, will reach Mannesmann's mandatory retirement age of 65 in 1999. Mr. Esser's appointment as chairman was not unexpected, as he was appointed as Mannesmann's deputy group chairman in February 1998.

Comment:

CEO Klaus Esser will become the head of group upon the retirement of Chairman Joachim Funk in 1999

Germany, Executive changes & profiles, Blast Furnace and Basic Steel Products, Officials and employees, Appointments, resignations and dismissals, Mannesmann AG, Steel industry

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Toa Steel of Japan to be liquidated

Article Abstract:

Toa Steel Co. announced that it will liquidate its assets in the process of dissolving itself. Toa is a middle-sized manufacturer of steel based in Japan. The company's move raised concerns in the Japanese stock market. It also reflected the possibility of future corporate collapses in the country. Toa's liquidation is one of the largest in Japan since World War Two. It is also the most recent corporate liquidation in a series of business collapses and bankruptcies in Japan.

Comment:

To liquidate its assets in the process of dissolving itself

Article, Toa Steel Company Ltd.

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ANA to cut jobs, start discount airline

Article Abstract:

All Nippon Airways (ANA) announced a four-year restructuring strategy that entails the downsizing of 10% of the carrier's labor force. ANA has been hurt by the weak Japanese economy. The restructuring plan also includes the formation of a new, inexpensive carrier as well as the creation of a holding firm. ANA's strategy will lead to the suspension of money-losing domestic routes and the lowering of board member and senior manager salaries.

Comment:

Announces four-year restructuring strategy entailing downsizing of 10% of the carrier's labor force

Scheduled Passenger Air Transportation, Domestic Scheduled Air Service, Management, Airlines, Domestic airlines, Layoffs, All Nippon Airways Company Ltd.

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