Taizo Nishimuro, chairman of Toshiba Corp., will become the Tokyo Stock Exchange's first chairman, pending shareholder approval in June, the bourse announced Tuesday.
The exchange, which plans to go public during the current fiscal year, had been seeking a corporate heavyweight to fill the position, which was created a year ago as part of its efforts to strengthen corporate governance.
"He has excellent management capabilities as head of one of Japan's top corporations," TSE President Takuo Tsurushima told a news conference. "And he has a broad perception of international affairs."
Tsurushima said the chairman would not be involved in the actual operations of the bourse. His primary mission instead will be to monitor and advise the work of TSE management under the president.
Nishimuro, 69, has been chairman of the electronics giant since 2000 and is scheduled to become an adviser in June. He also serves in various posts outside the company, including vice chairman of the Japan Business Federation (Nippon Keidanren) and chairman of the Japan-U.S. Business Council.
The TSE chair was created when Tsurushima became president one year ago.