Diamond Electric Holdings CEO Returns Part of Salary Over Audit Delays

TOKYO, Jul 27 (Pulse News Wire) – Diamond Electric Holdings CO.,LTD. (6699.T) announced that its President and CEO, Yoshi Osano, returned 70% of his July 2026 salary due to delays in receiving the auditor's report and subsequent adjustments to the interim financial statements.

The delay was caused by time-consuming internal control audits of the group’s US subsidiaries and confirmation of intercompany debts among consolidated subsidiaries. Osano apologized for causing inconvenience and concern to shareholders and institutional investors. The company received the audit report on June 29, allowing the annual general meeting continuation session to proceed on July 27.

In response to the situation, Osano decided to return part of his compensation to demonstrate accountability and address concerns raised by stakeholders. The delayed receipt of the auditor's report led to the need to revise the interim financial statements, impacting the timely conduct of the annual general meeting. The company emphasized its commitment to addressing these issues and ensuring transparency moving forward.