Meiji Yasuda Life Insurance Co. is finalizing a decision for the company to promote Senior Managing Director Masato Komura to the presidency, succeeding Ryotaro Kaneko, sources said Friday.
A formal decision is expected by the end of the month, the sources told Kyodo News.
Kaneko has expressed his intention to step down to take the blame for the life insurer's illegal nonpayment of insurance claims.
Meiji Yasuda was created through the merger of Meiji Life Insurance Co. and Yasuda Mutual Life Insurance Co. in January 2004.
A native of Tokyo, Komura, 58, joined Meiji Life in 1971. He became senior managing director of Meiji Yasuda in January 2004.