Nomura CEO steps down after restructuring progress
After seven years in the post, Koji Nagai Chief Executive Officer of Nomura Holdings resigns and hands over to his deputy at a time when restructuring is beginning to materialise.
Co-Chief Operating Officer Kentaro Okuda will take the helm on April 1, the company said in a statement Monday at Japan’s biggest brokerage. Nagai will move to become chairman.
Nagai, 60, spent most of his tenure struggling with defeats overseas that contributed to three big cost-cutting measures, the second of which occurred earlier this year and showed early signs of success. In more than a year, the recovery has pushed Nomura’s stocks to their highest level.
Okuda, 56, who currently chairs the global wholesale business, is now facing the challenge of reviving domestic retail operations in the midst of a stock trading slump.
“The public is still wondering if Nomura has turned around, but maybe Nagai is actually stepping down at a 52-week high share price with Nomura,” said Justin Tang, head of Asian research at United First Partners, a company specialising in event-driven study.
Earlier this year, Nagai was reappointed to the panel after a data breach culminated in administrative fines. Since then, his prospects have changed, with the firm in the most recent quarter posting income rising to the strongest in 17 years.
Nomura’s stocks have grown 69 per cent from the bottom in June this year and are priced at the maximum for over a year.