Shinpei Omoto
Profile
Performance in office
Tenure
Tenure
Background
He graduated from Tokyo University of Commerce in March 1933 and joined Mitsui Mining that April. He became a Director of Mitsui Mining & Smelting in May 1958, a Managing Director that November and Executive Vice President in May 1964. From Chiba Prefecture, he rose to President with a commerce background after two predecessors who had graduated from the engineering faculties of Kyushu Imperial University and Tokyo Imperial University.
Selection
In May 1970 he became President when Toshimi Takabayashi moved to Chairman. He was promoted 37 years after joining Mitsui Mining and after six years as Executive Vice President. In his first year, FY ended March 1971, non-consolidated net sales were ¥116.9 billion but ordinary profit only ¥1.1 billion, and earnings remained at the mercy of zinc ingot prices. With the expansion of facilities complete and profitability and cash flow now the issues, a commerce graduate appears to have been put in charge.
Initiatives
In 1972 the company agreed to pay compensation for itai-itai disease, caused by wastewater from the Kamioka mine, and with the strong yen on top of that, the mine's international competitiveness declined. In parallel, in February 1976 it established Oak-Mitsui, Inc. in New York State, starting local production of copper foil for printed circuit boards. Non-consolidated net losses were ¥4.5 billion in FY ended March 1978 and ¥3.1 billion in FY ended March 1979. In 1978 it introduced temporary layoffs at Kamioka, the starting point of a 23-year contraction that lasted until mining stopped in 2001.
Career
Career
Mitsui Kinzoku
| Date | Position |
|---|---|
| 1969 | Representative Director, President |
| 1978 | Stepped down as President |