Tokai Kisen Co., Ltd.

Tokai Kisen announced on the 5th that President Junichi Yamazaki will resign effective the 31st, and that Managing Director Yoshinori Kurasaki will assume the presidency on November 1. Yamazaki will become an advisor. The company, which operates passenger ships to the Izu Islands, has been ordered by the Ministry of Land, Infrastructure, Transport and Tourism to suspend the use of some of its vessels after multiple legal violations, including crew members working under the influence of alcohol, and is clarifying management responsibility. It also announced that some executive compensation will be voluntarily returned, with Yamazaki returning 80 percent of his monthly pay for one month and Kurasaki returning 30 percent for two months.