Japan-based Daiwa Securities Group Inc. appointed Deputy President and COO Seiji Nakata as president, effective April 1.

Nakata, who joined the group in 1983, will become president of the company and core unit Daiwa Securities Co. Ltd., The Nikkei reported Jan. 27.

He replaces Takashi Hibino, who will serve as chairman without representative rights. Meanwhile, Shigeharu Suzuki, the current chairman, will become an adviser.