The chairman and CEO of textile maker Toray Industries Inc, Katsunosuke Maeda, has announced he is stepping down from the role in June 2004.

The 72-year-old, credited with boosting the company's earnings during a period of industry decline, delivered the news at a press conference on Monday.

He said June would be a good time to resign since business reform measures, put in place in April 2002, will have achieved an acceptable level of progress by then.

Maeda, who served as president of Toray for 10 years, will also quit as a board member.

While a replacement chairman has not yet been found, current president Sadayuki Sakakibara will step into the CEO role next year.

Maeda's achievements while CEO include turning around Toray's loss-making overseas units and working for the reemployment of former staff.