Mizuho shuffles top management as losses mount

Terunobu Maeda is made chairman and Takashi Tsukamoto becomes the new CEO.

Following a dreadfully timed investment in Merrill Lynch, unexpectedly high exposure to the US subprime sector and losses relating to the Lehman Brothers bankruptcy, Mizuho Financial Group MFG appears to have taken the broom to its senior managers.

Previous MFG president and CEO Terunobu Maeda has been moved upstairs as chairman, and will be replaced by Takashi Tsukamoto, former deputy president. Two of the groupÆs units have also seen changes. At Mizuho Bank, the previous president and CEO Seiji Sugiyama,...

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