Norinchukin names new CEO, establishes new senior director roles

Its research and asset management leaders are nominated as Director and Senior Managing Officers.

Norinchukin Bank has nominated Taro Kitabayashi as its new chief executive officer (CEO), subject to approval in March.

Kitabayashi will replace Kazuto Oku. Norinchukin Bank has reported billions in losses in recent quarters.

The Japanese bank has also established the role of Director and Senior Managing Officer (DSMO) to oversee its four business units, and in increasing its number of managing executive officer and executive officer positions.

Current managing executive officers Masaki Nagano, Junji Kawata, and Taro Ozaki have been nominated for the role of DSMO.

Atsushi Yasutake, current executive research counselor for Norinchukin Research Institute; and Katsuhiko Ushikubo, president and CEO of Norinchukin Zenkyoren Asset Management, have also been nominated for the DSMO roles.

A DSMO will be appointed to lead Norinchukin’s Food & Agri Banking Business, Global Investment & Banking Business, Retail Banking Business, and Corporate & Shared Services.

A DSMO will also be appointed for the Risk Management Unit within Corporate & Shared Services. They will report directly to the president.

The DSMO of Corporate & Shared Services will have the authority to represent the bank and the mandate to support the president.