By Kaori Enjoji, CNN Business

Tokyo (CNN Business)The 92-year-old who founded the company that created Hello Kitty is leaving after 60 years and handing control to his grandson.

Shintaro Tsuji will retire as Sanrio chief executive on July 1, the company said in a statement Friday. Tomokuni Tsuji, 31, would take over to “ensure efficient decision making,” it added. Shintaro will remain as chairman.

Shintaro founded Sanrio as the Yamanashi Silk Center gift shop in 1960, and changed its name to Sanrio in 1973. Sanrio was one of the first Japanese companies to see potential in the character licensing business — and Hello Kitty is by far its most popular and profitable creation.

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