Shiseido’s chairman Shinzo Maeda takes on a new role.

Amid reports of dissatisfaction with Shiseido’s corporate operations and falling profits, Hisayuki Suekawa, Shiseido’s president and CEO announced his retirement as of March 31, 2013. Suekawa’s retirement was attributed to health issues; however, he will remain with Shiseido as a senior adviser. Shiseido’s current chairman Shinzo Maeda has stepped into the role. Maeda has been with Shiseido since 1970, and has held several management positions since 1996. Since 2003, he has served as one of Shiseido’s directors and corporate officers.

In other Shiseido news, Shiseido Co., Ltd. was selected and awarded the 2013 World’s Most Ethical Companies designation for the second consecutive year by the Ethisphere Institute, a U.S.-based international think tank dedicated to advocating best practices in business in such areas as corporate ethics and corporate social responsibility, as well as social and environmental issues. Shiseido Cosmetics America CEO Heidi Manheimer attended the ceremony held in New York.