Sumitomo Mitsui Financial Group Appoints Toru Nakashima as President and CEO

01 Dec, 2023

Sumitomo Mitsui Financial Group Appoints Toru Nakashima as President and CEO

Sumitomo Mitsui Financial Group (SMFG) has announced the appointment of Toru Nakashima as its new President and Group CEO, succeeding Jun Ohta, who passed away recently. Nakashima, previously Deputy President, was already serving as Acting President and Acting Group CEO. The permanent appointments were approved by SMFG's board, effective from Friday.

During a news conference, Nakashima expressed his commitment to maintaining the positive trend of strong earnings and leading the group to greater heights. He served as the group's Chief Financial Officer for four years, supporting Ohta in leading the organization. Ohta had recommended Nakashima for the role, and Nakashima was long favored as his successor.

Nakashima, known for his extensive political and government connections, emphasized his intention to continue Ohta's legacy. He stated, "I'd like to tell our employees that we will carry on with Mr. Ohta's wishes, and that this will be our way of honoring him."

Takeshi Kunibe will remain Chairman without representative rights, expressing his desire for Nakashima to apply his logical and scientific thinking to management. Nakashima, a graduate of the University of Tokyo's Faculty of Engineering, will be SMFG's first head with a background in the sciences.

Nakashima's career has focused on business planning, including negotiating the merger between Sumitomo Bank and Sakura Bank, forming Sumitomo Mitsui Banking Corp. Despite SMBC's extensive dealings with smaller and mid-tier companies, Nakashima acknowledged the challenge of competing for business with large domestic companies.

He highlighted the importance of strengthening domestic business and emphasized the three-year management plan targeting a bottom-line profit of over 1 trillion yen in fiscal 2028.