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Shareholders prevail in Lixil showdown, restoring ousted CEO

Overseas investors win Japanese institutions over in fight for board

Newly returned Lixil Group CEO Kinya Seto speaks to reporters in Tokyo on June 25. (Photo by Toshiki Sasazu)

TOKYO -- Top Japanese building materials supplier Lixil Group brought back ousted Kinya Seto as CEO after Tuesday's shareholders meeting, marking a victory for international investors in their roughly eight-month battle with management.

All eight directors nominated by shareholders were voted in, including Seto, seizing the majority of the 14-member board. Meanwhile, two of the eight named by the company were rejected.

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