Japan Post Holdings Chief Taizo Nishimuro Likely to Step Down
March 14 2016 - 02:00AM
Dow Jones News
Taizo Nishimuro, the chief executive officer of Japan Post
Holdings Co., will likely step down and the head of its banking
unit could take over for him, a person familiar with the matter
said Monday.
Mr. Nishimuro, who is 80, has been hospitalized since early last
month, a spokesman for Japan Post said. But the spokesman declined
to comment on any personnel change.
The Japanese government, which still owns a nearly 90% stake in
the financial behemoth, is considering appointing Japan Post Bank
Co. President Masatsugu Nagato as a successor, the person said.
Mr. Nagato could replace Mr. Nishimuro as early as next month,
the person said.
Mr. Nagato is a former executive of Mizuho Financial Group's
banking unit and served as chairman at Citibank Japan. He was
recruited to run Japan Post Bank, the nation's largest bank by
deposits, with about 180 trillion yen collected at post offices
across the nation.
Japan Post Holdings and its two financial units, Japan Post Bank
and Japan Post Insurance, listed shares on the Tokyo Stock Exchange
in November last year.
Despite an initial surge in their stocks, shares of the three
companies have traded below their listing price because of
worsening market conditions.
Write to Atsuko Fukase at atsuko.fukase@wsj.com
(END) Dow Jones Newswires
March 14, 2016 01:45 ET (05:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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