Norinchukin CEO plans to resign after massive bond losses
Norinchukin Bank CEO Kazuto Oku plans to resign to take responsibility for the Japanese lender's billions of dollars of losses from wrong-way bets on foreign bonds, according to a person familiar with the matter.
Oku, 65, will step down at the end of March, the person said, asking not to be identified discussing the private information. Chief Financial Officer Taro Kitabayashi, 54, will be nominated to replace him effective April 1, according to the person. The agricultural bank's supervisory committee is scheduled to meet on Thursday to decide the changes, the person added.
A spokesperson for Norinchukin said nothing has been decided, declining to comment further. Nikkei first reported on the management change late Tuesday.
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