Nippon Sheet Glass CEO Quits in Board Dispute

Nippon Sheet Glass Co. says CEO Craig Naylor resigned after less than two years in the job because of "fundamental disagreements" about the pace and scope of the restructuring announced by the company two months ago.

Kieiji Yoshikawa, a 39-year NSG veteran, has replaced Naylor as head of the maker of automotive and building glass.

Chairman Katsuji Fujimoto says the board did not try to persuade Naylor to stay because it needed to choose an executive who could "act with speed in this tough environment."

Analysts say Naylor, a 36-year veteran of DuPont Co., was slow to react to NSG's slump last year when the yen strengthened and Europe's auto and construction markets slowed sharply. The company derives 42% of its sales from Europe since it acquired U.K.-based glassmaker Pilkington plc in 2006.

Naylor did not unveil a restructuring plan until February, when the company predicted a 3 billion-yen ($37 million) net loss for the fiscal year ended March 31 NSG's third loss in four years. The company plans to cut 3,500 job, or 12% of its global workforce.

Naylor, an American, is the company's second non-Japanese CEO to depart suddenly. Briton Stuart Chambers resigned in 2009 after one year in the job, citing the strain on his family.