Nagasawa to Become Nippon Yusen Pres.

Economy Society

Tokyo, April 26 (Jiji Press)--Nippon Yusen K.K. <9101>, or NYK Line, said Friday that Executive Vice President Hitoshi Nagasawa, 61, will become president to replace Tadaaki Naito.

Naito, 63, will step aside to the post of chairman without the right to represent the major shipping company.

Yasumi Kudo, 66, the current chairman, will assume the new post of special adviser.

Facing tough conditions in the industry, Naito tried to rebuild the company by separating its regular container ship operations.

But the company saw its performance worsen. On Friday, Nippon Yusen reported a consolidated net loss of 44.5 billion yen in fiscal 2018, which ended in March.

[Copyright The Jiji Press, Ltd.]

Jiji Press