Livedoor’s chief executive, Takafumi Horie, stepped down today in the midst of scandal in which he is accused of lying to shareholders, BBC News reports.
Horie was arrested yesterday with three Livedoor executives.
Kozo Hiramatsu, a Livedoor executive, has replaced Horie.
Earlier this morning, the Tokyo Stock Exchange notified Livedoor investors that it would begin monitoring the company, and that it may be delisted.
On Monday, Stock exchange managing director Eisuke Nagatomo said, “The exchange has placed Livedoor and Livedoor Marketing shares under monitoring, to make known to those involved that the companies are in danger of meeting delisting criteria.”
Check out CIO’s coverage of Horie’s arrest.