Sompo Holdings Inc. named John Charman to serve as CEO of overseas insurance business, effective April 1, 2019.
He will continue to serve as chairman of Sompo International Holdings Ltd., but be replaced as CEO of the division by Nigel Frudd, effective Jan. 1, 2019. Frudd will also serve as senior executive vice president and chairman of overseas M&A for Sompo Holdings. Both he and Charman will sit on the company's new global executive committee.
Frudd was most recently chief strategy officer for Sompo International, as well as managing executive officer and head of global M&A for Sompo Holdings.
The changes are part of a revamped governance structure to be implemented by Sompo Holdings in June 2019, in which it will move from having a board of directors and a board of company auditors to having a board of directors with nomination, remuneration and audit committees. The group CEO will continue to report to the board, but the company will add a group COO and convert its holding company executive committee into the new 10-member global executive committee.
CFO Shinji Tsuji will become COO with effect from Jan. 1, 2019, and Masahiro Hamada will become CFO as of April 1, 2019. Hamada will remain group chief information officer, but Mikio Okumura will take Hamada's role as group chief strategy officer, moving from the role of managing executive officer in the nursing care and healthcare business.
Satoshi Kasai, group chief human resources officer, will become CEO of the nursing care and healthcare business.
Sompo International's board will be expanded to five members from three; Recai Dalas was named CEO of a new retail division within the business. He will continue to serve as CEO of Sompo Japan Sigorta AS, Sompo Holdings' subsidiary in Turkey, where the new retail division will be based.
Katsuyuki Tajiri was named an executive director of Sompo International, effective Jan. 1, 2019, and Okumura will serve as a nonexecutive director from April 1, 2019.
At unit Sompo Holdings (Asia) Pte. Ltd., COO Daniel Neo will become CEO, replacing the retiring Yuji Kawauchi, who will become executive vice president and general manager of the global business planning department of Sompo Holdings. Yasuhiro Sasanuma will become COO, having previously served as head of corporate planning.
In addition, the East Asia region will be moved under the umbrella of Sompo Holdings (Asia), which had covered the South Asia and Pacific regions.