Ex-Minister Masuda Accepts Offer to Head Japan Post Holdings

Politics

Tokyo, Dec. 26 (Jiji Press)--Former internal affairs minister Hiroya Masuda has accepted an offer to take the helm of embattled Japan Post Holdings Co. <6178>, informed sources said Thursday.

Masuda, who has also served as chairman of the government's postal privatization committee, is slated to become the holding company's president and chief executive officer after the turn of the year, according to the sources.

On Friday, incumbent Japan Post Holdings President and CEO Masatsugu Nagato and the current presidents and CEOs of Japan Post Co. and Japan Post Insurance Co. <7181> are set to announce their resignation over an improper insurance sales scandal.

The internal affairs ministry and the Financial Services Agency will announce punitive measures against the three companies on the same day.

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