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Michael Glennie Stepping Down as President of Phoenix
 Resort Ltd., Operator of the Phoenix Seagaia Resort
 in Japan

Kyodo News International, Tokyo
Knight Ridder/Tribune Business News

Nov. 23, 2004 - MIYAZAKI, Japan -- Michael Glennie, president of Phoenix Resort Ltd., which runs the Phoenix Seagaia Resort complex in Miyazaki, will step down after more than three years on the job, the company said Tuesday.

The resignation will take effect before the end of this year in line with the terms of his contract, the company said, adding that a successor has yet to be appointed.

Phoenix Resort, which was partly owned by the Miyazaki prefectural government, filed for court protection from creditors under the Corporate Rehabilitation Law in February 2001 and was taken over by U.S. investment fund Ripplewood Holdings LLC the same year.

Glennie, 53, who had more than 25 years of business experience in U.S. resort companies and other firms, has been charged with turning around Seagaia Resort since he was appointed by Ripplewood as Phoenix president in September 2001.

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