Japanese retail chain Aeon Co. said Friday it has appointed Executive Vice President Akio Yoshida as new president effective March 1, the first change in the post in 23 years.

Yoshida, 59, will succeed Motoya Okada, 68, a member of the founding family of the retail giant, who will become chairman and retain his position as CEO.

Aeon, a leading Japanese retailor, aims to strengthen its online sales and other digital operations under the new top management in the face of stiff competition with rivals' convenience stores and other specialty stores such as Fast Retailing Co.

"We selected an individual who would be able to make objective predictions, at a time when changes occur swiftly," Okada said at a press conference at the company's head office building in Chiba Prefecture.

"I will endeavor to carry out my duties without losing sight of the direction of reform," Yoshida said.

Joining the company, formerly known as Jusco Co., in 1983, Yoshida served as president of subsidiary Aeon Mall Co. and oversaw the real estate business and digital operations of Aeon Co. before taking the current post last March.

Okada, the eldest son of Honorary Chairman Takuya Okada who is credited with making Aeon a major retailer, became president in 1997. He led the firm to become the biggest retailer by revenue in Japan through aggressive overseas expansion and business acquisitions.

"Most of the authority will go to the upcoming president," Okada said. "I'll focus mainly on our group's strategy."

Aeon the same day reported a group net loss of 6.3 billion yen ($58 million) in the nine months to November, compared with a net profit of 600 million yen a year earlier.

Although Aeon has been profitable in its financial and overseas businesses, it has been struggling in the supermarket business in Japan.

==Kyodo

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