In a surprising turn of events, Takeshi Niinami, the former chief executive of Japanese beverage giant Suntory Holdings, has stepped down from his position while facing an investigation related to the possession of an illegal drug. Despite his resignation, Niinami maintains his innocence, stating, “I have not broken the law. I believe I am innocent.” This statement was made during a press conference held on Wednesday.
The announcement of Niinami’s resignation came from Nobuhiro Torii, the president of Suntory and a member of the founding family, during a press conference on Tuesday. Torii refrained from divulging extensive details about the ongoing investigation, citing that the case remains active. According to police in Fukuoka, located in southwestern Japan, Niinami is being investigated in connection with a potential drug case, although no further specifics were provided.
During his address to the media, Niinami clarified that the investigation pertains to a health supplement he described as a “CBD supplement,” which he received from a friend in the United States. CBD, or cannabidiol, is a compound derived from marijuana. Niinami expressed that he believed the supplement was “legal 100%” and opted to try it for jet lag relief, as it was more affordable than similar products available in Japan. He noted that he was traveling when the package arrived and thus did not personally receive it.
In an emotional moment, Niinami apologized to society, expressing regret for his actions. At 66 years old, he acknowledged that his behavior was careless, especially considering that Suntory produces a range of products, including supplements, whisky, beer, and non-alcoholic beverages. His resignation marks a significant moment for the company, which has been a major player in the global beverage market.
Takeshi Niinami is credited with driving substantial growth at Suntory, a company founded in 1899. Under his leadership, Suntory engaged in notable expansions, including the acquisition of Beam Inc. for $16 billion a decade ago. This strategic move brought iconic brands like Jim Beam Bourbon, Sauza Tequila, and Canadian Club Whisky under Suntory's umbrella, significantly enhancing the company's presence in the U.S. alcoholic beverage market.
As of now, Niinami's successor at Suntory has not been announced. In Japan's corporate culture, which places significant emphasis on shame and group accountability, it is not uncommon for individuals who bring embarrassment to their organizations to step down from their roles. Niinami's leadership also extended to his position at Keizai Doyukai, the Japan Association of Corporate Executives, a prominent business lobby. His comments regarding the investigation were made at the Keizai Doyukai office in Tokyo.
