By Takashi Umekawa
TOKYO (Reuters) – Mitsubishi UFJ Financial Group Inc (MUFG) <8306.T>, Japan’s biggest lender, said on Friday it was replacing its CEO after one year and Hironori Kamezawa, who oversees its digital strategy, would be taking the reins.
Outgoing CEO Kanetsugu Mike will become the group’s deputy chairman but will remain as head of the core unit, MUFG Bank.
Kamezawa, 58, currently deputy president, would be the first chief executive to have not previously headed MUFG Bank, a radical break with tradition.
“The business environment surrounding the financial industry has changed a lot with the entry of other types of firms into the sector,” he told a news conference.
“Some investors have been quite harsh, pointing out, for example, our low share price. I’d like to pour my strength into outlining how we are going to achieve future growth with our next mid-term plan,” he said.
Japanese financial firms have struggled with a prolonged low interest rate environment and a shrinking population at home and beefing up their online prowess has become a key way to cut costs.
Kamezawa majored in mathematics at the University of Tokyo and has completed a master’s course in science.
MUFG owns 24% of Morgan Stanley
(Reporting by Takashi Umekawa; Editing by Edwina Gibbs)