Pentel's managing director Masaru Wada has been promoted to company president, after founding-family member Keima Horie was sacked from his post following poor results, according to The Nikkei.
Although the Japanese writing instruments manufacturer registered a pretax profit last fiscal year, Pentel hopes to improve earnings under the leadership of 60-year-old Wada, whose background is in production.
The Nikkei reports that, according to Horie, 42, he was going to use a recent board meeting to ask four executives past the retirement age of 62 to step down. Instead, an emergency motion dismissing Horie to hold him responsible for the company's poor earnings the past few years was passed.
Nikkei added that Horie said he might submit a shareholders proposal opposing his removal at a shareholders meeting that Pentel is scheduled to hold at the end of June.