Mizuho Financial Group is tapping a relatively young career insider to turn around the bank that’s been plagued by a series of technical disruptions and is still grappling with the legacy of a three-way merger more than two decades on.
Japan’s third-largest lender on Monday named Mizuho veteran Masahiro Kihara as chief executive officer — its third since 2011 — after the departure of Tatsufumi Sakai and other senior executives following a series of technical troubles that led to business improvement orders from the Financial Services Agency.
At 56, Kihara is seven years younger than his counterpart at Sumitomo Mitsui Financial Group and four years the Mitsubishi UFJ Financial Group Inc. CEO’s junior. His experience in risk management helped him secure the role, according to people familiar with the matter, who asked not to be identified as the appointment is confidential.