Air Water chairman resigns amid accounting irregularity probe

Air Water Inc. announced on December 3, 2025, that representative director and chairman Kikuo Toyota has resigned from his positions as representative director and chairman. The resignation was accepted by the board of directors, effective the same day. This change leaves Ryosuke Matsubayashi as the sole representative director, who will also serve as president, CEO, and COO.

The resignation stems from an ongoing investigation into inappropriate accounting practices at consolidated subsidiaries, as disclosed on October 9, 2025. Mr. Toyota offered his resignation to facilitate the completion of the investigation under a new management structure. He will continue to cooperate with the special investigative committee.

Air Water stated its commitment to cooperating fully with the special investigative committee. Moving forward, the company plans to establish a new management reform committee to enhance its management control system, internal controls, and formulate measures to prevent recurrence, based on the investigation's findings. The company apologized to shareholders, investors, and all stakeholders for the inconvenience and concern caused.