OSAKA -- The Osaka Securities Exchange has announced that Goro Tatsumi, president of Kosei Securities Co., will succeed Kyoji Kitamura as president of the Osaka-based bourse on June 30.
The appointment of the 64-year-old Tatsumi is subject to approval at a general meeting of OSE member brokerages, to be held June 30, the exchange said Tuesday.
Kitamura, 67, will resign due to the expiry of his term. Senior Executive Vice President Takuo Noguchi, 63, will also resign, the OSE said.
OSE sources said Noguchi, a former Finance Ministry official, is resigning to take responsibility for dubious loans made to an OSE affiliate. Noguchi denied this, however, saying his role will come to an end when Kitamura resigns.
Tatsumi will be the first OSE president in 24 years who is not a former Finance Ministry official.
Yoji Arakawa, ex-superintendent public prosecutor at the Osaka High Public Prosecutor's Office, is expected to become an OSE governor after mid-July.
The appointment of Arakawa, 65, is intended to underline the exchange's compliance with the law, the sources said.