Izumisawa to Head Mitsubishi Heavy Industries
Newsfrom JapanEconomy Society
Tokyo, Feb. 6 (Jiji Press)--Mitsubishi Heavy Industries Ltd. <7011> said Wednesday it will promote Executive Vice President Seiji Izumisawa to president and chief executive officer, effective April 1.
Izumisawa, 61, will replace Shunichi Miyanaga, 70, who will take the role of chairman without the right to represent the Japanese heavy machinery maker.
A chief at Mitsubishi Heavy usually serves for around four years, but Miyanaga has been in the post for nearly six years.
The delay in the leadership change comes amid the company's struggle to develop the Mitsubishi Regional Jet, Japan's first domestically built passenger jet.
Miyanaga will step down as the company has made progress in resolving issues related to Mitsubishi Aircraft Corp, a subsidiary developing the jet, including its excess debts.
[Copyright The Jiji Press, Ltd.]