Japan Post Holdings Chief Taizo Nishimuro Likely to Step Down

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 [e-mail]

(END) Dow Jones Newswires

March 14, 2016 01:45 ET (05:45 GMT)

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