Kobo Replaces Its CEO With Exec From Japanese Parent Company

Canadian ebook company Kobo, which was acquired by Japanese retail giant Rakuten in 2011, is replacing its founder and CEO Michael Serbinis with a Japanese executive, the company announced Tuesday. Takahito "Taka" Aiki, who was the CEO of Rakuten's telecom company Fusion Communications, steps into the new role effective immediately, while Serbinis remains involved with the company as vice chairman.

According to Kobo's announcement, Aiki "was responsible for the online business of Japan's top bookstore and video rental company Tsutaya, where he helped grow its online membership by 250% in only two years"