Mizuho’s Tsukamoto Apologizes to Shareholders for Glitch

Mizuho Financial Group Inc. (8411) Chief Executive Officer Takashi Tsukamoto apologized to shareholders for a computer systems failure at its retail banking unit that delayed transactions following a record earthquake in March.

He was speaking at the company’s annual shareholder meeting in Tokyo today. Shareholders will consider whether to approve the company’s proposal to replace Tsukamoto with Yasuhiro Sato, currently CEO of Mizuho Corporate Bank Ltd.

Mizuho, Japan’s third-biggest bank by market value, said on May 23 that it will combine some functions at its corporate, retail and trust units to improve operations after the malfunctions disrupted transactions worth more than $10 billion.

To contact the reporter on this story: Takako Taniguchi in Tokyo at ttaniguchi4@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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