Chiyoda to Receive Mitsubishi Adviser as Chairman and CEO

Economy Society

Tokyo, May 8 (Jiji Press)--Troubled Japanese plant engineering firm Chiyoda Corp. <6366> is preparing to receive a corporate adviser of general trader Mitsubishi Corp. <8058>, Chiyoda's top shareholder, as its chairman and chief executive officer, informed sources said Wednesday.

Chiyoda expects the Mitsubishi adviser, Kazushi Okawa, 62, to lead the company's turnaround efforts after it suffered a large loss over a U.S. liquefied natural gas plant project, according to the sources.

Before assuming the advisory post in April, Okawa headed Mitsubishi's infrastructure project and plant engineering departments.

Current Chiyoda President and CEO Masaji Santo is expected to become president and chief operating officer.

Due partly to the loss from the U.S. plant project, Chiyoda is seen reporting a group net loss of 215 billion yen for the year that ended in March.

[Copyright The Jiji Press, Ltd.]

Jiji Press