After six years leading Nikko Asset Management, Takumi Shibata has decided to step down as President and Chief Executive Officer (CEO).
Shibata first joined the firm in July 2013 as the Executive Chairman. He then became President and Chief Executive Officer in January 2014.
Hideo Abe and Junichi Sayato will be appointed as Representative Directors and Co-Chief Executive Officers. Abe will also hold the title of President and Sayato the title of Chairman.
Shibata says: “I want to express my deep appreciation for the opportunity to lead this company for the last six years, surrounded by such global talent. Under Hideo Abe’s leadership, Sales, Product & Marketing have grown into highly effective efforts, while Junichi Sayato has strengthened internal controls under his Operational leadership. With this in mind, I feel this is the right time to transition the company to those who have helped me shape it.”
Under his leadership, Nikko Asset Management’s assets increased from USD163 billion to USD202 billion, while net income grew from USD49 million to USD77 million. Shibata brought in Yoichiro Iwama in 2018 to serve as the Non-Executive Chairman, further strengthening corporate governance. Iwama will continue to serve in this role.
The Board has accepted this move, which will be effective in 1 April 2019.