Seiji Izumisawa
Profile
Performance in office
Tenure
Tenure
Background
He joined in April 1981 and from April 2013 to June 2017 served as Managing Executive Officer and Director of Mitsubishi Motors. Returning to Mitsubishi Heavy Industries, he became an Executive Officer in June 2017, Director and Managing Executive Officer in June 2018, and President and CEO in April 2019, two years after becoming an executive officer.
Selection
In April 2019 he succeeded Shunichi Miyanaga as President and CEO. In the fiscal year ended March 2019, the year before, consolidated revenue was ¥4,078.3 billion, income before taxes ¥195.1 billion and net income ¥110.2 billion. The small passenger jet had struggled to obtain U.S. type certification, its delivery had been postponed six times, and development costs had ballooned from an initial ¥150 billion or so to over ¥1 trillion. He also inherited the still-unresolved arbitration with Hitachi over the South African project.
Initiatives
A settlement with Hitachi was reached on December 18, 2019, and MHI acquired all of Hitachi's 35% stake. The joint venture was dissolved on September 1, 2020, becoming a wholly owned subsidiary renamed Mitsubishi Power the same day. Development of the small passenger jet was effectively frozen in October 2020, and on February 7, 2023 the company announced the cancellation of SpaceJet development and a plan to liquidate Mitsubishi Aircraft. With the December 2022 revision of the three defense documents raising defense spending over five years to ¥43 trillion, manufacturing of defense equipment, long low-margin and shrinking, turned into a growth field.
Career
Career
Mitsubishi Heavy Industries
| Date | Position |
|---|---|
| Apr 1981 | Joined |
| Jun 2017 | Executive Officer |
| Jun 2018 | Director and Managing Executive Officer |
| Apr 2019 | President and CEO |
| Apr 2025 | Chairman |
| Apr 2025 | Stepped down as President |
Mitsubishi Motors
| Date | Position |
|---|---|
| Apr 2013 | Managing Executive Officer |
| Jun 2013 | Director |