Komazawa University in Tokyo said Friday it dismissed its executive administrative director, Nobuo Miyamoto, on Thursday following a reported ¥15.4 billion loss from derivatives trading.

Four other members of the executive board have announced their intention to resign, but the university said they will remain in their posts for the time being to "avoid confusion" before the university's February entrance exams.

According to the university, the board made its decision based on a report by an in-house committee that began probing the transactions after the loss was first announced in November. Board member Tetsuo Otani will take Miyamoto's place in the interim.