Shiseido president is not resigning for bad financial results

TOKYO - Japanese cosmetics maker Shiseido Co Ltd said on Monday that its president was stepping down for health reasons and not to take responsibility for the company's deteriorating financial results.

Current President Hisayuki Suekawa, who became president in 2011, will resign on March 31 and be succeeded by Chairman Shinzo Maeda, Shiseido said in a statement earlier on Monday.