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Mizuho Financial makes board, executive changes

Japan's Mizuho Financial Group Inc. made changes to its board of directors and management team.

Toshitsugu Okabe was appointed deputy chairman and executive officer, effective April 1. Okabe is currently deputy president and executive officer and head of retail and business banking. Daisaku Abe was also named a deputy chairman and executive officer, as well as head of internal audit group. He is currently deputy president and head of IT and systems group and head of operations group.

Satoshi Ishii, Motonori Wakabayashi, Hiroaki Ehara, Hisaaki Hirama, Masahiro Kosugi and Masami Yamamoto were nominated as directors on the board.

Ishii is currently head of business promotion of Mizuho Bank Ltd. He will also be chief digital innovation officer, head of IT & systems group and head of operations group at Mizuho Financial. Wakabayashi is currently managing executive officer and head of research and consulting unit at Mizuho Financial and Mizuho Bank. He is expected to concurrently serve as president and CEO of Mizuho Research Institute Ltd. after the general meeting of shareholders in June, as well as head of risk management group at Mizuho Financial.

Ehara is joint head of human resources group and joint head of internal audit group of Mizuho Financial and head of human resources group and head of internal audit group of Mizuho Trust & Banking Co. Ltd. He will take over as head of the human resources group. Hirama is currently deputy head of internal audit group of Mizuho Financial and head of internal audit group of Mizuho Bank. Kosugi is general manager of the accounting department at Mizuho Financial and Mizuho Bank. Yamamoto is currently chairman of the group and outside director of JFE Holdings Inc.

They will replace Takanori Nishiyama and Yasuyuki Shibata, who are set to retire on April 1, and Hisashi Kikuchi, Ryusuke Aya, Nobukatsu Funaki and Takashi Kawamura, who will retire in late June.

Meanwhile, Masahiro Otsuka was appointed head of retail and business banking. Goji Fujishiro will take over as head of assets management company, in addition to being head of the global products unit. Shuji Kojima will move to head the compliance group from heading the human resources group.

Masayuki Sugawara will head the company's East Asia operations. Sugawara is expected to concurrently serve as chairman of Mizuho Bank (China) Ltd.