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Nomura names first woman CFO as part of reshuffle

business Updated: Mar 07, 2011 16:14 IST

Reuters
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Nomura Holdings Inc, Japan's largest brokerage, named Junko Nakagawa as its first female chief financial officer on Monday as it reshuffles its management to better compete globally.

Nomura has been adopting management methods of foreign firms after buying the non-U.S. business of Lehman Brothers, and Nakagawa is the first woman appointed to the role. She assumes the post on April 1.

"It is rare for a Japanese financial institution to give this type of promotion to a woman," said Azuma Ohno, a brokerage analyst at Credit Suisse Securities in Tokyo. "It's an impressive move."

A year ago Nomura promoted Jesse Bhattal, the former Asia-Pacific CEO of Lehman Brothers, to oversee a wholesale division combining its investment banking and trading businesses.

Bhattal, president and chief operating officer of the wholesale business, will receive a further promotion in the latest management change, becoming deputy president of Nomura Holdings, the brokerage said.

He will also become chief executive officer of the wholesale division.
Takumi Shibata will keep his post as chairman of the wholesale business as well as chief operating officer of Nomura Holdings.

Masafumi Nakada, the current CFO, will become president of Nomura Trust & Banking Co. Those changes also take effect on April 1, the start of the new financial year.