3 Mizuho Leaders to Quit after Biz Improvement Order

Economy

Tokyo, Nov. 26 (Jiji Press)--Three leaders of Mizuho Bank and Mizuho Financial Group Inc. <8411> will resign next spring after the megabank group received the second business improvement order Friday over a series of system failures this year.

The Financial Services Agency told the bank and its parent to clarify management responsibility for causing system breakdowns eight times since February, come up with preventive measures and drastically reform its corporate culture.

The group was also told to submit a business improvement plan, including the preventive and reform measures, by Jan. 17, 2022. The group will report progress on the plan every three months from next April.

Mizuho Financial President Tatsufumi Sakai and Mizuho Bank President and CEO Koji Fujiwara will step down on April 1 next year. Deputy President Masahiko Kato will succeed Fujiwara as president of the bank.

Mizuho Financial Chairman Yasuhiro Sato will also step down as chairman on April 1 and as director in late June.

[Copyright The Jiji Press, Ltd.]

Jiji Press