Still, many investors have no problem with Matsumoto’s methods.
“He has a track record that deserves acclaim,” said Mitsushige Akino, a senior executive officer at Ichiyoshi Asset Management Co. in Tokyo. “I don’t care that he puts shareholders last rather than first. If he gets results, that in itself is putting shareholders first.”
Matsumoto graduated from Japan’s prestigious Kyoto University with a master’s degree in agriculture in 1972 and went to work for the trading house Itochu Corp. He joined a Japanese unit of Johnson & Johnson in 1993 and became president in 1999, a role he stayed in for nine years. He was appointed chairman and chief executive officer of Calbee in 2009.
Calbee’s stock has risen more than sixfold since Matsumoto helped take the company public in 2011. It fell the most in two months in March when he said he was stepping down.
Two months later, the coveted CEO surprised many in Japan when he said he was taking the post of chief operating officer of Rizap Group Inc., a gym operator that’s become known for its TV ads of celebrities before and after they undergo an extensive two-month personal training and supplement program. The company has also gone on an acquisition spree under its CEO Takeshi Seto. It now has a market value of more than $3.6 billion.
But if others were surprised, Matsumoto sees nothing strange about the move, or about working for a boss who he says, at 40, is the same age as his son.
“It’s like having a box of toys,” he said of the opportunity to find out more about the many companies that Seto has bought. And “I prefer to operate in stealth behind the scenes.”
This article was provided by Bloomberg News.