SMBC Nikko Securities has announced that Yuichiro Kondo, president of SMBC Nikko Securities, who had indicated his intention to retire once the company has paved the way for its restructuring following the market manipulation scandal, will retire from his position on April 1st.
SMBC Nikko Securities was ordered by the Financial Services Agency to suspend some operations in connection with the market manipulation scandal, and President Kondo announced his intention to step down in November, once the company has paved the way for its restructuring. I did.
On January 31st, the company made a personnel decision that President Kondo will retire effective April 1st of this year and that Senior Managing Director Shuji Yoshioka will be promoted to succeed him.
President Kondo said at a press conference, ``Up until now, we have focused on concrete improvement plans aimed at preventing recurrence, such as enriching training for executives and employees.The next phase will be to make this a part of the company's culture. By standing at the beginning of this process, I decided that I had found a path to rebuilding, and decided to step down."
Mr. Yoshioka, who will be appointed as the new president, said, ``My first mission is to take over the path to rebuilding the company and see it through. There is no end to fostering a healthy corporate culture, and I want to increase mutual understanding within the company and make it a culture.'' He also expressed his intention to work to strengthen the governance system.
Furthermore, Chairman Yasuyuki Kawasaki will also retire as of April 1st, leaving the position of Chairman vacant for the time being.