Nomura Holdings Inc. named Kentaro Okuda as its new chief executive officer, turning to a 32-year company veteran to help cement a sweeping overhaul of its global operations and reverse a slump at home.
Co-chief Operating Officer Okuda, 56, will replace Koji Nagai on April 1, the Tokyo-based company said in a statement Monday. Nagai, 60, who has been in charge for more than seven years, will become chairman.
To arrest a decline in Nomura's wholesale business, Okuda executed Nagai's $1 billion cost-cutting plan which returned to profitability overseas operations that have struggled since the purchase of Lehman Brothers Holdings Inc.'s Asian and European assets in 2008.