Sumitomo Chemical to Promote Exec. Mito to Pres.

Economy

Tokyo, Feb. 3 (Jiji Press)--Sumitomo Chemical Co. said Monday that Nobuaki Mito, the chemical firm's senior managing executive officer, will be its new president.

Incumbent President Keiichi Iwata will become chairman with the right to represent the company while current Chairman Masakazu Tokura, who is set to retire as chairman of the Japan Business Federation, or Keidanren, on May 29, will step aside as adviser, the company also said.

With Mito, 64, replacing Iwata, 67, on April 1, Sumitomo Chemical will have a new president for the first time in six years.

Joining the company in 1985, Mito has long been engaged in research and development activities in the agrochemical business, a main revenue source for the company. He assumed the current post in June last year and is supervising the firm's operations in the field.

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