Daiwa Securities Group Inc. will name Shigeharu Suzuki, senior managing director of the group’s wholesale securities company, Daiwa Securities SMBC Co., as its president, company sources said Saturday.

The current president, Yoshinari Hara, 61, will become the group’s chairman with no representative rights, the sources said.

The appointments will be finalized at the group’s general shareholders meeting in June.

Hara is handing over control in an effort to rejuvenate the management of the group, as its earnings have recovered in the wake of the rebound in the Japanese stock market, the sources said.