Ota to Head JXTG Holdings

Economy Society

Tokyo, May 20 (Jiji Press)--Top Japanese oil wholesaler JXTG Holdings Inc. <5020> on Wednesday announced the appointment of Katsuyuki Ota, 61, president of core unit JXTG Nippon Oil & Energy Corp., as its new president.

The parent company's current president, Tsutomu Sugimori, 64, will become chairman. The personnel changes are slated to be formalized after a general meeting of shareholders June 25.

JXTG Holdings and JXTG Nippon Oil & Energy will be renamed Eneos Holdings Inc. and Eneos Corp., respectively, in June.

Ota is expected to speed up the JXTG group's decision-making by taking the helm of both companies at a time when shrinking domestic demand is battering the group's business.

"We'll manage business with a sense of speed under the new setup," Ota told an online press conference.

[Copyright The Jiji Press, Ltd.]

Jiji Press