Director Kazuo Ito has left the board of Mitsubishi-owned Princes, the United Kingdom-based seafood canning giant, the latest in a series of board shuffles at the group.
The company announced the appointment of Mitsuro Kawamata as incoming director.
Ito was appointed to the board in April 2021.
The shuffle follows news earlier this year that Mitsubishi is selling Princes.
An auction process, overseen by investment bank Houlihan Lokey, has begun, with information on the sale being sent out to prospective bidders, Debtwire reported.
Princes is being put on the market based on earnings before interest, taxes, depreciation and amortization of £80 million (€90 million/$97 million), the report said.
Princes was established in 1880 as a fish importing business in Liverpool. The company still trades frozen seafood, and recently told IntraFish operations were booming as demand lifted for replacements for Russian whitefish species such as Vietnamese farmed pangasius.
After moving under the Mitsubishi umbrella in 1989, Princes has made numerous mergers and acquisitions.
Mitsubishi has other exposure in the seafood sector. Most notably, the group holds Norway-based salmon farming giant Cermaq.
