Sumitomo Mitsui Financial Group Inc. is set to undergo a leadership change after the sudden passing of President Jun Ota last week. Deputy President Toru Nakashima will be stepping in as the new president, with his promotion officially taking place on Friday.
Nakashima, who has been filling in as the head of the megabank group following Ota’s death, is expected to join the board of directors at next June’s general shareholders meeting. With a wealth of experience in corporate planning and strong connections in political and bureaucratic circles, Nakashima is well-prepared to take on this new role.
A graduate of the University of Tokyo, Nakashima’s career began in 1986 when he joined Sumitomo Bank, a predecessor of Sumitomo Mitsui Banking Corp. His involvement in the merger of Sumitomo Bank and Sakura Bank in 2001 ultimately led to the creation of Sumitomo Mitsui Banking, showcasing his leadership and strategic decision-making skills. Nakashima assumed his current post as Deputy President in April of this year.
During a press conference, Nakashima expressed his commitment to maintaining and improving the positive momentum of the group, while also striving to lead them to new heights. He also spoke about continuing the work of his late predecessor, stating, “I will carry on his wishes and accomplish them.”
Nakashima also intends to build on Ota’s business strategies, particularly in the areas of digitalization and strengthening overseas operations. It is reported that Ota had recommended Nakashima’s promotion to the company’s nominating committee before his passing.
Chairman Takeshi Kunibe praised Nakashima, citing his expansive business knowledge and excellent strategic vision. With a strong foundation and the backing of key executives, Nakashima is poised to lead Sumitomo Mitsui Financial Group Inc. into the future.
