First off, current chairman of the board Shuzo Sumi is leaving the property & casualty insurance giant after nearly five decades. Sumi, whose resignation is effective when the company’s shareholders meet in June, has been with Tokio Marine since 1970.
The outgoing chair will be succeeded by president & group chief executive Tsuyoshi Nagano, who came onboard in 1975. Replacing him as president & CEO is senior managing director Satoru Komiya, who will also succeed Nagano as chair of subsidiary Tokio Marine Nichido.
Board changes at the holding company also include the resignation of director Toshifumi Kitazawa, who will become vice chair of Tokio Marine Nichido where he currently serves as president & CEO. Taking over his position at the subsidiary come April is Shinichi Hirose, who is also moving up to a director role at the parent firm where he is senior managing executive officer at present.
Meanwhile a Reuters report said Komiya has pointed to an active pursuit of overseas mergers and acquisitions in efforts to expand geographically.
“Valuations of companies, or deal prices, have become expensive given excess of (global) money,” the incoming Tokio Marine CEO, who joined in 1983, was quoted as saying when the appointments were announced. “But if there is a really good company and a good chance, we would like to try.”