Masatsugu Nagato
Profile
Performance in office
Tenure
Tenure
Background
He joined the Industrial Bank of Japan in April 1972, became Executive Officer in June 2000 and Managing Executive Officer in June 2001, and served as Managing Executive Officer of Mizuho Bank from April 2002. In June 2006 he moved to Fuji Heavy Industries, becoming Representative Director and Executive Vice President in June 2010, then Director and Vice Chairman of Citibank Japan in June 2011 and its Chairman in January 2012. In May 2015 he joined the Japan Post group as Director, Representative Executive Officer and President of Japan Post Bank, and in June that year became a Director of Japan Post Holdings.
Selection
Japan Post Co. made the Australian logistics giant Toll Holdings a subsidiary in May 2015, and in November that year the holding company Japan Post Holdings and its subsidiaries Japan Post Bank and Japan Post Insurance listed together on the First Section of the Tokyo Stock Exchange. Nagato became Director, Representative Executive Officer and President of Japan Post Holdings in April 2016. In the fiscal year ended March 2017, a little over a year after the listing, goodwill impairment related to Toll and other factors led to a consolidated net loss of ¥28.9 billion. Goodwill of ¥504.8 billion, about 80% of the purchase price, had been booked at the time of the acquisition, and some pointed out that the impairment was recognized too late.
Initiatives
In December 2018, Japan Post Holdings agreed to a capital-based strategic alliance with Aflac Incorporated and Aflac Life Insurance Japan, expanding the consignment sales of cancer insurance it had handled since July 2014. In April 2019 it carried out the second secondary offering of Japan Post Insurance shares. Consolidated ordinary income shrank from ¥14,257.5 billion in the fiscal year ended March 2016 to ¥12,774.9 billion in FY ended March 2019. Nagato stepped down in January 2020 and handed the presidency to Hiroya Masuda.
Career
Career
Industrial Bank of Japan
| Date | Position |
|---|---|
| Apr 1972 | Joined |
| Jun 2000 | Executive Officer |
| Jun 2001 | Managing Executive Officer |
Mizuho Bank
| Date | Position |
|---|---|
| Apr 2002 | Managing Executive Officer |
| Apr 2003 | Managing Executive Officer, Mizuho Corporate Bank |
Fuji Heavy Industries
| Date | Position |
|---|---|
| Jun 2006 | Senior Managing Executive Officer |
| Jun 2007 | Director and Senior Managing Executive Officer |
| Jun 2010 | Representative Director, Executive Vice President |
Shiti Bank Bank
| Date | Position |
|---|---|
| Jun 2011 | Director, Vice Chairman |
| Jan 2012 | Chairman |
Japan Post Bank
| Date | Position |
|---|---|
| May 2015 | Director and Representative Corporate Executive Officer, President |
Japan Post Holdings
| Date | Position |
|---|---|
| Jun 2015 | Director |
| Apr 2016 | Director and Representative Corporate Executive Officer, President |
| Jan 2020 | Stepped down as President |