Tsunesuke Wada
Profile
Performance in office
Tenure
Tenure
Background
He was born in November 1887 into a merchant family in Asa, Asa District, Yamaguchi Prefecture. After graduating from Kobe Higher Commercial School in March 1909, he joined Furukawa Mining on the introduction of a teacher from his Shimonoseki Commercial School days. He was posted to India to develop sales channels and accompanied Furukawa Gomei's chief director Inoue on an inspection tour of Europe and America. Tie-up negotiations with Siemens around the time of that tour led to the later founding of Fuji Electric Manufacturing. After returning he served as manager of the Shanghai branch, gaining experience in trading amid exchange-rate swings under the silver standard.
Selection
In November 1945 President Yoshimura resigned from Fuji Electric Manufacturing under the postwar purge, and Wada succeeded him. Under the law to eliminate zaibatsu family control promulgated in January 1948, the company was designated a collateral company of the Furukawa zaibatsu, and all directors including the President were named as covered persons. Fuji Electric Manufacturing objected that, as a joint venture of Furukawa and Siemens, it was not a pure collateral company, and in June that year it won approval for removal of the designation. Wada, who had concurrently been President of Fuji Tsushinki Manufacturing during the war, also escaped the purge.
Initiatives
Right after taking office he cut a workforce of over 10,000 to around 1,300 and obtained permission from the occupation forces to restart operations at each plant. The Siemens-owned shares (30% of shares issued) seized by the three-nation commission were bought back with the cooperation of Furukawa group companies and financial institutions. He gave full support to Japan's first commercial nuclear power plant at Tokai Village, based on a technology agreement with Britain's GEC, and it entered normal operation in July 1966. He became Chairman in May 1958, but returned as President in 1964 when turmoil in home appliances wrecked results, brought in Chohei Aida as Executive Vice President, and handed him the presidency in May 1965.
Career
Career
Fuji Electric Manufacturing
| Date | Position |
|---|---|
| 1923 | Transferred to Furukawa Mining |
| 1931 | Director |
| Nov 1945 | President |
| May 1958 | Stepped down as President |
| 1964 | President |
| 1965 | Stepped down as President |
Fuji Tsushinki Manufacturing
| Date | Position |
|---|---|
| 1954 | President |