Struggling Tomen Corp. will accept executives from UFJ Bank and Toyota Tsusho Corp. to fill the posts of president and chairman in a bid to ensure the steady implementation of the firm's business rehabilitation plan, company sources said Saturday.
Toyota Tsusho is a trading house affiliated with Toyota Motor Corp.
The Osaka-based trading house unveiled its three-year rehabilitation plan in late December. It features 10 billion yen in recapitalization by the Toyota group and 170 billion yen in financial aid from UFJ Bank, the core bank of UFJ Holdings Inc., and other creditor banks.
Tomen President Morihiko Tashiro is to give up his post in June to take the blame for the trading house's business problems. Tomen had to ask the Toyota group and the creditor banks to come to its rescue.
Tashiro will be replaced by an executive from UFJ Bank, the sources said. Tomen will also have a Toyota Tsusho official as its chairman, a post currently vacant.
Tomen is considering integrating its management with Toyota Tsusho in the future.