HomeBusinessJapan's No. 3 bank Mizuho names senior executive Kihara as next CEO

Japan’s No. 3 bank Mizuho names senior executive Kihara as next CEO

TOKYO :Mizuho Financial Group, Japan’s third-biggest lender, on Monday named senior executive officer Masahiro Kihara as its next chief executive as it races to sort out long-running banking system failures and rework its company tradition.

The appointment follows a collection of digital system failures since final yr that led to the resignation of the group’s CEO, its chairman and the pinnacle of its principal banking unit.

Mizuho additionally reported measures to stop system failures to Japan’s banking regulators, together with growing the variety of know-how employees, after the bank was reprimanded for “undermining the credibility of Japan’s bank settlement system.”

On Feb. 1 Kihara, 56, will substitute Tatsufumi Sakai, whose practically four-year tenure has seen shares of Mizuho fall about 16per cent in comparison with a 16per cent rise within the Tokyo market over the identical interval regardless of a cost-cutting drive.

Kihara, a graduate of Duke University School of Law, joined one in every of Mizuho’s predecessor banks, (*3*) Bank of Japan, in 1989 and in addition labored on the group’s securities arm. He is the elder brother of Japan’s deputy chief cupboard secretary Seiji Kihara.

Mizuho additionally appointed Seiji Imai, the pinnacle of Mizuho’s company banking enterprise, as its new chairman to switch Yasuhiro Sato in April.

(Reporting by Makiko Yamazaki; Editing by Chang-Ran Kim and Kenneth Maxwell)

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