Sumitomo Mitsui names Toru Nakashima as new CEO starting Dec. 1

  • Stock Market News
Sumitomo Mitsui names Toru Nakashima as new CEO starting Dec. 1
Credit: © Reuters.

Sumitomo Mitsui (NYSE: SMFG ) Financial Group Inc. has announced the appointment of Toru Nakashima as its new Chief Executive Officer, effective tomorrow, following the passing of former CEO Jun Ohta on Sunday. Nakashima, who has a rich engineering background from the University of Tokyo and a history as a rugby player, was previously holding dual roles as the Chief Financial Officer and Chief Strategy Officer before stepping up to lead the company.

Nakashima's promotion comes at a time when Sumitomo Mitsui's shares have soared by 37% this year, amid investor optimism over a potential shift in Japan's negative interest-rate policy. The financial group is on track to report a record net income of 920 billion yen for the fiscal year, a performance that echoes the profit growth expected by its competitors, Mitsubishi UFJ (NYSE: MUFG ) Financial Group Inc. and Mizuho Financial Group Inc.

The strategic direction under Nakashima is anticipated to continue the legacy of his predecessor, Ohta, who began his CEO tenure in 2019 and was known for his straightforward management style. Under their combined leadership, Sumitomo Mitsui has executed significant expansions in Asia, including major acquisitions and a strategic partnership with Jefferies Financial Group Inc.

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