• Kyodo News

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Sadakane Doi, former president of Daiwa Securities Co. — now Daiwa Securities Group Inc. — died of pneumonia at a hospital in Kamakura, Kanagawa Prefecture, on April 14, the company said Monday. He was 80.

During his stint as president of Daiwa Securities from 1980 to 1989, Doi helped turn the company into the second-largest brokerage after Nomura Securities Co.

After serving as vice chairman, Doi became chairman in 1991. He also concurrently served as chairman of the Japan Securities Dealers Association for two years starting in 1994.

After stepping down as president in 1989, Daiwa Securities was found to have compensated for the losses of large-lot customers. In 1997, Doi stepped down as chairman to take responsibility for a payoff scandal involving “sokaiya” racketeers.

Doi, a native of the city of Saga, joined Daiwa Securities in 1949 after graduating from the predecessor of Nagasaki University.

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