Mitsubishi UFJ Financial Group Inc. officially announced leadership changes at the Japanese megabank following reports of the shake-up.

MUFG appointed Deputy President Hironori Kamezawa president and CEO, replacing Kanetsugu Mike, who will become the group's deputy chairman, the group said in a Jan. 17 filing.

The megabank also appointed Iwao Nagashima deputy chairman. He is currently senior managing corporate executive, group chief human resources officer and group deputy chief digital transformation officer.

Meanwhile, Mikio Ikegaya will step down as deputy chairman and remain a member of the company's board.

The changes are effective April 1.