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Mototsugu Ito, senior managing director of Ishikawajima-Harima Heavy Industries Co., has been nominated to assume the company’s presidency, replacing Toshifumi Takei, company sources said Friday.

Takei, 70, is expected to step down to become an adviser to the company, while Chairman Kosaku Inaba is likely to be made an honorary chairman or adviser, the sources said.

The new lineup will be formalized at a meeting of the company’s board of directors following a shareholders’ meeting in late June.

Ito, 64, who has been a senior managing director since last June, has long been engaged in the company’s aerospace division, which is perceived as a core business in the future. He will be the first to become company president from the division.

Inaba, 77, also head of the Japan Chamber of Commerce and Industry, has been president and chairman for 18 years.

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