Itochu Corp. said Monday that Executive Vice President Masahiro Okafuji will assume the presidency April 1 to succeed Eizo Kobayashi, 61, who will become the trading house’s chairman.
The board has approved the promotion of the 60-year-old Okafuji.
Chairman Uichiro Niwa, 71, will become an adviser, the company said.
Okafuji has a strong background in the apparel and textile division, which had been Itochu’s mainstay business.
Under Kobayashi’s presidency of nearly six years, the trading house saw an improvement in its financial standing.
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