Tanaka to lead Toshiba
Toshiba Corp, the Japanese maker of flash memory chips, elevators and nuclear reactors, said Hisao Tanaka will take over as president in June as it tries to bolster growth from energy and chip operations. Tanaka, 62, a corporate senior executive vice president in charge of strategy planning, purchasing and production, will replace president Norio Sasaki in June, the company said in a statement yesterday. Sasaki, who has headed Toshiba since June 2009, will become vice chairman, and Atsutoshi Nishida will remain chairman, Toshiba said. The changes are subject to approval by the board following a shareholders meeting in June. Toshiba, which supplies chips to Apple Inc, also needs to rebuild its home-appliances business after the unit had a ￥1.3 billion (US$14 million) loss last quarter. Tanaka’s experience in emerging markets is “very important” for the company, Nishida, 69, said yesterday in Tokyo.
Mizuho to cut more jobs
Mizuho Financial Group Inc, Japan’s third-biggest bank by market value, plans to cut an additional 600 jobs as it targets profit of ￥550 billion in three years following the merger of its lending units. The bank will eliminate 4,300 positions, more than the 3,700 cuts previously planned, Mizuho said in an outline of its three-year business plan yesterday. The net income target for the year ending March 2016 compares with a ￥500 billion profit forecast for the current fiscal year. Mizuho has said it will combine its corporate and retail banking arms on July 1, bringing it in line with larger rivals Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Financial Group Inc. The job reductions, which are already under way, include 2,000 over the next three years. Mizuho expects the unification into its “one bank” system will bring in ￥140 billion from cost savings and increased revenue by March 2016, it said yesterday.
CEO’s salary revealed
General Motors Co (GM), the largest US automaker, is proposing to pay chief executive officer Dan Akerson US$11.1 million this year, according to a document obtained by Bloomberg News. GM is planning US$82 million in compensation for its top 25 executives, the document shows. While the names of the GM employees were redacted, Akerson was identified as the highest-paid by a person familiar with the material who asked not to be revealed disclosing private information. Akerson was paid US$7.7 million for 2011, when his target compensation was US$9 million. Ally Financial Inc, formerly GM’s lending arm, wants to pay its CEO Michael Carpenter US$9.6 million, according to another document obtained by reporters. Pay for executives at seven bailed-out companies, including GM and Ally, was scrutinized and restricted by the US Department of the Treasury starting in 2009.
CNOOC completes takeover
Chinese oil company CNOOC (中國海洋石油) says it has completed its US$15.1 billion purchase of Canadian energy producer Nexen. State-owned CNOOC said in a statement that the acquisition was completed on Monday. China’s biggest overseas energy deal was finalized after winning approval from a US agency that reviews takeovers by foreign companies for national security implications. The agency had a say because Nexen has Gulf of Mexico oil and gas fields.