Nikko Asset Management is to nominate Takumi Shibata as its candidate to be director and chairman at the annual shareholders’ meeting on 28 June 2013.
Upon approval, his appointment will take effect on 1 July 2013. Charles Beazley will remain president and CEO and continues to be responsible for the day-to-day management of the business.
In this move, Nikko AM will separate the roles of chief executive and chairman in line with common corporate governance practices, with the chairman in charge of governance related matters and the CEO in charge of executing the business strategy and running Nikko AM’s day-to-day business.
Together, Shibata (pictured) and Beazley will form a new leadership team for Nikko AM.
With the recent retirement of two senior executives, Beazley was performing the combined roles of chairman, president and chief executive.
Shibata has long been a leading figure in the global financial services industry, with extensive experience of both the Japanese and international markets. Together, Shibata and Beazley will continue the execution of Nikko AM’s business expansion and position the company en route to its IPO, with the full support of the board and company shareholders.
Beazley says: “I strongly believe that international best practice and good corporate governance requires a separation between the positions of chairman and CEO and I informed the board early this year that this was the path we needed to follow. This is especially important for a company that intends to IPO and needs to meet the scrutiny of the international markets.
“Shibata is one of a handful of Japanese financial service executives who combines a deep understanding of the Japanese market with a vision at the global level. He is well respected across the global financial services industry and will be an essential source of additional strategic knowledge to our board. I have known Shibata for a number of years and very much look forward to working with him as we move the business forward.”
Shibata says: “Nikko AM’s growth strategy as a leading pan-Asian asset manager, which has progressed through organic growth and targeted acquisitions in key markets, is remarkable. The best opportunities for growth across different markets and client segments are right here in Asia; the emergent wealth in Asia and the structural resurgence of Japan as an investment opportunity will be key drivers for Nikko AM’s growth. I hope to bring additional insights to Nikko AM’s board and assist its strategic development and growth.”