Toshiro Toyoizumi may resign as chief executive officer of the Japanese brokerage venture set up by Morgan Stanley (MS) and Mitsubishi UFJ Financial Group Inc. (8306), said two people with knowledge of the matter.
Toyoizumi, 64, may step down in June, said the people, who asked not to be named before the board of directors make a final decision. He has served as president and CEO of Tokyo-based Mitsubishi UFJ Morgan Stanley Securities Co. for three years.
Takashi Nagaoka, 60, deputy president at Mitsubishi UFJ’s commercial banking unit, will replace Toyoizumi, the Nikkei newspaper reported earlier today, without citing anyone.
Toyoizumi’s office referred calls to Mitsubishi UFJ Morgan Stanley’s public relations department. Hiroaki Konishi, a Tokyo-based spokesman, declined to comment. The firm released a statement today saying nothing has been decided on executive appointments.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at firstname.lastname@example.org
To contact the editors responsible for this story: Chitra Somayaji at email@example.com Russell Ward