Change at top as lender's profit falls

By Finbarr Flynn | January 17, 2009, Saturday |

Print Edition

MIZUHO Financial Group Inc has appointed Takashi Tsukamoto chief executive officer, ushering in new leadership after subprime-related losses crippled earnings and Japan entered its first recession in seven years.

Tsukamoto, currently deputy president, will replace Terunobu Maeda, who has led Mizuho since 2002, on April 1, the Tokyo-based company said yesterday.

Tsukamoto, 58, takes the helm after the bank forecast its smallest annual profit in six years amid rising bad loans and investment losses, Bloomberg News said.

The company is raising 355 billion yen (US$3.9 billion) to shore up its balance sheet because of the financial crisis.

"Japanese financial institutions are less hurt by the credit crisis, so the new management structure could be a sign that Mizuho is willing to take a more forward-looking stance," said Mitsushige Akino, chief investment officer at Tokyo-based Ichiyoshi Investment Management Co.

Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Change at top as lender's profit falls

Email this to your friend