Mizuho Financial Group Inc. is planning to appoint Deputy President Seiji Imai as its new chairman to replace Yasuhiro Sato in April following a series of technical disruptions, corporate sources said Thursday.
The appointment of Imai, 59, who is 10 years younger than the current chairman, is seen as part of the banking group's efforts to transform its corporate culture and restore public confidence by elevating younger executives. The move is set to be officially approved by the group's board on Monday.
Mizuho Bank, one of the country's three megabanks, has been hit by 10 system failures since February last year. In one episode on Feb. 28, transactions were temporarily suspended at about 80% of its automatic teller machines, with more than 5,000 bank cards and bank books getting stuck inside the machines.