Masayoshi Matsumoto
Profile
Performance in office
Tenure
Tenure
Background
He joined Sumitomo Electric Industries in April 1967 and, after postings in Chicago and London, became a Director in June 1997, a Managing Director in June 1999 and a Senior Managing Director in June 2003, rising to Representative Director and President in June 2004. A career employee, he took seven years from joining the board to become President. As of March 2006 the top shareholders were trust accounts of trust banks, with Sumitomo companies represented only by Sumitomo Life Insurance at 1.98% and Sumitomo Mitsui Banking at 1.55%.
Selection
In June 2004 he succeeded Norio Okayama as Representative Director and President, with Okayama moving to Representative Director and Chairman that year. In the fiscal year before he took over, ended March 2004, consolidated net sales were ¥1,542.4 billion and ordinary profit ¥60.7 billion, a recovery from the net loss of ¥19.8 billion in FY ended March 2003. His role appears to have been growing the carved-out businesses under the business unit system his predecessor introduced.
Initiatives
In 2006 the company acquired a German automotive wiring harness maker, gaining the ability to supply European automakers directly. In 2007 it made Sumitomo Wiring Systems a wholly owned subsidiary and at the same time made Nissin Electric a consolidated subsidiary. In 2014 it made J-Power Systems a wholly owned subsidiary, ending the power cable joint venture formed with Hitachi Cable in 2001 and returning to sole operation. Consolidated net sales grew from ¥1,740.1 billion in FY ended March 2005 to ¥2,814.4 billion in FY ended March 2017.
Career
Career
Sumitomo Electric Industries
| Date | Position |
|---|---|
| Apr 1967 | Joined |
| Jun 1997 | Director |
| Jun 1999 | Managing Director |
| Jun 2003 | Senior Managing Director |
| Jun 2004 | Representative Director, President |
| Jun 2017 | Chairman |
| Jun 2017 | Stepped down as President |