Sanrio, the company behind the fictional character Hello Kitty recently announced that the company founder Shintaro Tsuji is retiring after a leadership career of six decades at the company.
Shintaro is retiring from his position as President at the age of 92 and handing the reins to his grandson Tomokuni Tsuji who is currently the Senior Managing Director of the company. Notably, this is the first change in the company’s leadership since its inception.
Hello Kitty made its first appearance on November 1, 1974. Ironically the new head of the company shares his birthday with the character but is 14 years younger. Tomokuni will now become the youngest CEO of a firm listed on Tokyo’s Topix index.
The position was earlier expected to be handed over to Shintaro’s son Kunihiko, but his early demise due to heart failure in 2013 led to the appointment of Tomokuni.
According to the firm’s official history, Shintaro created the forerunner to Sanrio, Yamanashi Silk Center Co Ltd, in 1960. It changed its name to Sanrio in 1973 and created its first character goods a year later, using Hello Kitty and the duo Jimmy and Patty.
The first Hello Kitty item, a coin purse, was merchandised in 1975 and the character has since adorned everything from handbags to bullet trains. Hello Kitty even has its own theme park.
The recent leadership change comes at a time when Sanrio’s business has been witnessing a constant decline over the years and the coronavirus pandemic has led to even more losses. According to its results published, annual net profits plunged by 95% in the 2019/2020 fiscal year. Sales were down 6.5% at ¥55.2bn (£410m).
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