Yoshitaka Kitao—well-known for his enduring help of Ripple and its digital asset XRP—has been named by Dalton Investments as a candidate for the board of administrators at Fuji Media Holdings, Japan’s largest media conglomerate. The proposal, first reported by Nikkei, surfaced amid ongoing efforts by the US-based activist investor to deal with what it deems as governance shortcomings at Fuji Media. “The activist investor, which holds a big stake within the media large, has beforehand voiced dissatisfaction with the corporate’s governance,” the Nikkei report notes.
XRP Supporter Kitao Joins Fuji Media
Kitao’s deep-rooted connections to Ripple could be traced again a number of years via SBI Holdings, the monetary companies powerhouse he helms as Chairman & President. Below Kitao’s steering, SBI turned a strategic associate of the San Francisco-headquartered blockchain agency, launching initiatives corresponding to SBI Ripple Asia to spearhead the adoption of XRP throughout the Japanese banking sector.
Over the previous years, Kitao typically championed XRP’s capability for “cutting-edge cross-border remittances,” as soon as describing Ripple’s know-how as “the subsequent commonplace for worldwide cash transfers.”
In 2019, he formalized his dedication to Ripple by accepting a place on its board of administrators—an appointment that underscored his alignment with the agency’s ambition to modernize international cost rails. Although he stepped away from that directorship after two years, his advocacy for XRP endured. One in every of his latest social media posts emphasised the importance of RLUSD.
Fuji Media Holdings, in the meantime, has discovered itself in a precarious place after a string of governance controversies. Earlier this 12 months, it orchestrated a sweeping govt overhaul meant to revive shareholder confidence and stabilize its operations. Chairman Shuji Kanoh departed the corporate, adopted intently by the resignation of Fuji TV head Koichi Minato.
The board subsequently lowered its membership to 10 administrators, a transfer broadly interpreted as a bid to tighten oversight and accountability. Hisashi Hieda, the conglomerate’s 87-year-old director, stepped down in March, including to the sense of a radical housecleaning at one in all Japan’s most influential media giants.
The Fuji Media empire, finest identified for its flagship Fuji TV community, holds a commanding presence in Japan’s leisure sector via the manufacturing of dramas, selection exhibits, anime, and an array of digital media choices. Its content material enjoys near-ubiquitous recognition amongst Japanese audiences.
In contrast to Fujifilm, the digicam and imaging agency that shares an analogous identify however operates a very completely different enterprise, Fuji Media has carved out a singular place in broadcasting and streaming platforms, contributing considerably to Japan’s cultural narrative.
In opposition to this backdrop, Dalton Investments’ push to see Kitao be a part of the board has opened up questions on whether or not the seasoned financier’s fintech and XRP insights would possibly steer Fuji Media towards new types of innovation—or at the very least present it with a measure of stability at a time when media corporations are underneath growing stress to diversify income streams.
At press time, XRP traded at $2.15.
Featured picture created with DALL.E, chart from TradingView.com
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