MUFG appoints new CEO with digital focus
(17 January 2020 – Japan) Mitsubishi UFJ Financial Group CEO Kanetsugu Mike is being replaced by the group’s digital chief Hironori Kamezawa after just a year in the role.
The change in leadership comes as MUFG seeks to accelerate its digitalisation efforts in order to cut costs and fend off emerging fintech rivals.
Mr Kamezawa has been leading a technology overhaul and overseeing innovation efforts such as the MUFG digital coin.
Speaking at a news conference, Kamezawa told reporters: "The business environment surrounding the financial industry has changed a lot with the entry of other types of firms into the sector."
Adds the new chief: "Large overseas banks have similar anxiety over digitalisation. The biggest task is how we strike a balance between ensuring security and convenience."
Kamezawa takes on the new role in April, with Mike remaining head of MUFG Bank and becoming the group's deputy chairman.