The board of directors of USS Co. Ltd. gave its preliminary approval on May 8, 2012 to the establishment of a new management team for the purposes of strengthening corporate governance and speeding up the management of business activities. Measures include reducing the number of directors by making only executives with the rank of managing director and higher directors (14 directors including four external directors) and increasing the number of executive officers. These actions will require the approval of shareholders at the annual meeting to be held on June 26, 2012. The changes will become official following this meeting if approval is received from shareholders. Change in representative director: Yukihiro Ando as Chairman. Changes in directors: Masafumi Yamanaka as Senior Managing Director, Officer, Supervisory Office. The following directors to resign: Hiroaki Inoue, Director, Officer of the Shizuoka Office; Yasuhisa Koga, Director Officer in charge of the Kyushu Auction Site of the Kyushu Office; Hiroshi Kojima, Director President and representative director of Car Quest Co. Ltd. Hiroshi Kojima's resignation as a USS director will allow Mr. Kojima to focus exclusively on his duties as president of USS subsidiary Car Quest, which uses the Internet to provide information. Candidates for executive officer: Hiroaki Inoue, Executive officer of the Shizuoka Office and Yasuhisa Koga, Executive officer Officer in charge of the Kyushu Auction Site of the Kyushu Office.
USS Co Ltd is a Japan-based company mainly engaged in the auto auctions business. The Company operates in two business segments. The Auto Auction segment is engaged in the operation of auto auctions with used car dealers as members, the management of motorcycle auctions with used motorcycle dealers as members, the provision of auto auction connection services by satellite TV line and Internet, the provision of used car information services, the land transportation agency of exhibited cars and successful cars of auto auction, as well as the provision of financial services for auto auction members. The Used Automobile Purchase and Sale segment is engaged in the purchase and sale of used cars and accident-affected vehicles. The other business is engaged in the recycling of used vehicles, the provision of agency services for used vehicles, the sale of solar power generation systems and rental cars, as well as production and sale of recycled plastics.