Ripple Supporter Kitao Nears Fuji Board Seat

According to a Monday report by Nikkei, Dalton Investments, a U.S.-based investment management firm, has tipped SBI Holdings CEO Yoshitaka Kitao as a candidate for the board of directors of Fuji Media Holdings, Japan's largest media conglomerate.

The activist investor, which holds a significant stake in the media giant, has previously voiced dissatisfaction with the company's governance.

Earlier this year, scandal-hit Fuji Media announced a substantial executive restructuring, which was meant to restore shareholder trust.

Chairman Shuji Kanoh stepped down in January alongside Fuji TV head Koichi Minato. The company also reduced the number of directors to just 10. Hisashi Hieda, the 87-year-old director of the Japanese media conglomerate, called it quits in March.

The most recent proposal that has been put forward by U.S.-based Dalton, an activist investor, is meant to spur further management changes within the embattled company.

Kitao is, of course, known as a longtime ally of San Francisco-headquartered enterprise blockchain firm Ripple. In 2019, the 74-year-old entrepreneur became Ripple's board member, but he left that position after two years. One of his most recent social media posts spotlights a use case for Ripple's RLUSD stablecoin.

The Fuji Media conglomerate includes Japan's highly influential Fuji TV network that produces hit drama series, variety shows, anime, and so on. It also offers digital media and streaming services. Fuji Media should not be confused with Fujifilm, the Japanese company specializing in cameras.