Presidents for Japan Post's Successor Firms Named

Japan Post Corp. President Yoshifumi Nishikawa on Monday announced the appointments of the officials who will become the presidents of the four companies to be created through the breakup of state-owned postal services provider Japan Post.

The four companies, to be created with the start of a 10-year postal privatization process in October 2007, are set to take over Japan Post’s mail delivery, post office network management, “Yucho” banking and “Kampo” insurance services, respectively. Japan Post Corp., the planning company to prepare for the breakup, is set to become the holding company for the four firms.

Nishikawa named the four chief operating officers for the four new companies. As presidents, they will execute business operations under the leadership of already appointed chief executives, who will serve as chairmen.

Hiroaki Dan, 58, now doubling as vice president of both Japan Post Corp. and Japan Post, is named COO of the mail delivery firm.

Motoyuki Terasaka, 59, president of Sumi-Sei General Insurance Co., is named COO of the firm managing the post office network.

The post of COO for the Yucho bank will go to former Financial Services Agency Commissioner Shokichi Takagi, 58, now vice president of Japan Post Corp.

Former Bank of Japan official Izumi Yamashita, 58, currently Japan Post executive, will become COO of the Kampo insurance firm.

Nishikawa also said preparatory firms for the Yucho bank and Kampo insurance firm will be set up as early as August this year.