Latest news with #KazutoOku
Bloomberg
20-02-2025
- Business
- Bloomberg
Norinchukin CEO to Resign as Bank Forecasts Bigger Annual Loss
Norinchukin Bank said Chief Executive Officer Kazuto Oku will step down at the end of March, as the Japanese lender forecast deeper losses stemming from soured foreign bond investments. Oku, 65, will be replaced by Chief Financial Officer Taro Kitabayashi, who was nominated to take over the reins effective April 1, the bank said in a statement on Thursday, confirming reports from earlier this week.
Japan Times
19-02-2025
- Business
- Japan Times
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.
Bloomberg
18-02-2025
- Business
- Bloomberg
Norinchukin CEO Oku Plans to Resign After Massive Bond Losses
Norinchukin Bank Chief Executive Officer Kazuto Oku plans to resign to take responsibility for the Japanese lender's large losses incurred due to 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. Managing Executive Officer and Chief Financial Officer Taro Kitabayashi will be nominated to replace him and the change will be effective April 1, according to the person. Nikkei first reported on the resignation.
