Shiseido president to step down

Shiseido, the Japanese cosmetics maker that cut its profit forecast in January, said president Hisayuki Suekawa will step down at the end of March.

Mr Suekawa offered to resign for health reasons effective March 31, the company said in a statement today.

Chairman Shinzo Maeda, who was president from 2005 to 2011, will take on the added role of president.

Shiseido, which gets about 56 per cent of its revenue from Japan, has said it intends to trim production costs as it faces depressed local demand amid a shrinking population.

The company in January cut this year's net income forecast 52 per cent to 10.5 billion yen (¤83 million) as it projected a decline in sales.

The company also said it will book costs for restructuring facilities, including closing its factory in Kamakura, Japan,.

The manufacturer of makeup, shampoo and skin moisturizers climbed 6.6 per cent to close at 1,362 yen in Tokyo trading today, the most since March 2011.

The stock has lost 7 per cent over the last year compared with a 23 per cent gain for the Topix index.

Mr Suekawa ( 53), has been president since April 2011, and will become a senior adviser April 1, according to the statement.

Mr Maeda (66), has been with Shiseido for more than four decades, holding various roles including in its international division, according to the company's website.