Mizuho Financial Group Inc. said Tuesday its President and Group CEO Tatsufumi Sakai and 10 other executives will take pay cuts over a series of system failures that hit Mizuho Bank earlier this year, including many of its automated teller machines.

The measure was announced after a third-party panel concluded earlier in the day that the failures were due to poor operation and management rather than system defects.

"We take harsh criticism seriously," Sakai said in a news conference as he apologized to those affected by the system failures. He will have his remuneration halved for six months, while Mizuho Bank President Koji Fujiwara will receive a 50% pay cut for four months.