Japan Post to replace all outside directors in June

Kyodo, JIJI

All of Japan Post Holdings Co.’s 13 outside directors will resign next month when the postal service group’s new president is to be appointed as part of its government-led management reshuffle, sources said Saturday.

The current outside directors include Takashi Nishioka, former chairman of Mitsubishi Heavy Industries Ltd., and Hiroshi Okuda, former chairman of Toyota Motor Corp.

Candidates under consideration to replace them include Canon Inc. Chairman and Chief Executive Officer Fujio Mitarai and Akio Mimura, former chairman of Nippon Steel Corp., which merged with another steel firm last year to create Nippon Steel & Sumitomo Metal Corp., the sources said.

The planned personnel appointments come as the Liberal Democratic Party-led government wishes to reshuffle the management team of the group, wholly owned by the government, which was formed under the previous administration led by the Democratic Party of Japan, ahead of the holding company’s expected stock listing possibly around autumn 2015.

The number of posts for outside directors may be reduced from the current 13, they said.

The government has already sounded out Taizo Nishimuro, 77, a former head of Toshiba Corp., to succeed Japan Post Holdings President Atsuo Saka.

The appointments will be formalized after the holding company’s general shareholder meeting, expected to be held June 20, the sources said.