The Japan Post group plans to name Yoshiyuki Izawa, executive vice president of Mitsui & Co., as president of Japan Post Bank Co. to replace Shokichi Takagi, sources said Wednesday.
The group had also considered Seiichi Shimada, a former Mitsui executive, for the job. The sources said the group decided to go with Izawa, who is 61, over the 72-year-old Shimada.
The group also plans to appoint Akira Nagatomi, a former senior managing director of Sumitomo Life Insurance Co., as president of Japan Post Network Co., they said.
Nagatomi, 60, will replace Motoyuki Terasaka, 63, also a former Sumitomo Life Insurance executive. Japan Post Network offers over-the-counter services at post offices.
The group has picked Shinichi Nabekura, 63, a former vice minister for policy coordination in the Internal Affairs and Communications Ministry, as successor to Japan Post Service Co. President Hiroaki Dan.
Japan Post Bank Chairman Koji Furukawa and Japan Post Network Chairman Shigeo Kawa will swap posts, the sources said.
The group's future is up in the air because the Democratic Party of Japan intends to review the privatization plan crafted by the previous government.
Izawa joined Mitsui in 1970 and served as senior managing director before becoming executive vice president in April 2008.
Nagatomi went to work at Sumitomo Life Insurance in 1971. After serving as a senior managing director, he was named chairman of Sumisei Building Management in June.
The Japan Post group plans to retain Izumi Yamashita as president of Japan Post Insurance Co., Josuke Shindo as its chairman and Norio Kitamura as chairman of Japan Post Service.