Asian Cover -- Financiers
JAPAN'S YOSHIHIKO MIYAUCHI (int'l edition)
Yoshihiko Miyauchi isn't your typical hidebound Tokyo financier. As president of ORIX Corp., a leasing and financial-services firm, he has bucked plenty of his country's enshrined business habits. At ORIX, compensation is tied to performance. Top executives get stock options, a rarity in Japan. Foreign talent? Miyauchi avidly seeks it out. And about half of ORIX' 1,300 employees are women. "Diversity is necessary," says the 63-year-old Miyauchi.
It's U.S.-style best practice--and it works. Japan is in a recession, but a strong performance in office-equipment leasing, insurance, and commodity funds has driven ORIX profits up by 25%, to $163 million, in the latest fiscal year. So when Miyauchi calls for an end to wasteful public works that sap the budget, Japanese should listen. This is an executive who respects capital instead of squandering it.