(29 December 2020 – Japan) Mitsubishi UFJ Financial Group’s banking unit will promote a managing director (MD) to the position of CEO seeking to refresh the group’s corporate culture.
Junichi Hanzawa will become the first MD to take on the CEO position at Japan’s largest lender and will replace Kanetsugu Mike, 64, who will become group chairman. His promotion, an unusual step for a company traditionally focused on seniority, showcases efforts under Mike to promote a more meritocratic culture at MUFG Bank, including the introduction of a system to make it easier to promote younger employees.
The incoming CEO stated that he was ‘feeling the weight of responsibility’.
“We cannot adapt to an ever-changing time unless we keep on moving. That is why I was picked as the next CEO” Junichi Hanzawa commented on his appointment.