• Kyodo

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JCB Co. plans to appoint Ichiro Hamakawa, a senior managing director at Mitsubishi UFJ Financial Group Inc., as its new president, replacing Takao Kawanishi, sources said Saturday.

The appointment of Hamakawa, 58, is expected to be proposed and approved at the credit card company’s general shareholders meeting in June. Kawanishi, 65, will step aside to become chairman.

Hamakawa joined Sanwa Bank, a predecessor of the Bank of Tokyo-Mitsubishi UFJ, the banking unit of MUFG, in 1978 after graduating from Kyoto University. He has been in his current position since May 2012.

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