Masahiro Okafuji
Profile
Performance in office
Tenure
Tenure
Background
Born in Osaka in 1949, he graduated from the Faculty of Economics at the University of Tokyo in 1974 and joined the company, spending his whole career in textile sales in Osaka. In April 2004 he became Managing Executive Officer and President of the Textile Company, then Managing Director in June of that year and Senior Managing Director in April 2006, and after serving as Executive Vice President became President.
Selection
In April 2010 Masahiro Okafuji, who had come up through textiles, became President. Although Itochu ranked second in the industry in gross profit, heavy expenses left it fourth in net income, a perennial fourth place. In the fiscal year ended March 2010, the last year of his predecessor Eizo Kobayashi, consolidated net income fell from ¥165.3 billion the previous year to ¥128.1 billion. He was chosen to rebuild the cost structure from the ground up.
Initiatives
Under the motto "ka-ke-fu," from the Japanese initials of earn, cut and prevent, he rebuilt the cost structure. He set the goal of being number one in non-resources, instilling a habit of seeking the upper hand within the company, and introduced morning-oriented work that in principle banned late-night overtime, and in the fiscal year ended March 2012 the company escaped fourth place in the industry. In April 2013 it acquired Dole's packaged foods business and Asian fresh produce business for about ¥134.0 billion, and in January 2015 announced it would acquire 20% of CITIC Group of China for ¥689.0 billion through a 50-50 company with Thailand's C.P. Group. In 2018 it raised its stake in FamilyMart from about 41.5% to 50.1%.
Career
Career
Itochu
| Date | Position |
|---|---|
| Apr 1974 | Joined |
| Jun 2002 | Executive Officer |
| Apr 2004 | Managing Executive Officer, President, Textiles Company |
| Jun 2004 | Managing Director |
| Apr 2006 | Senior Managing Director |
| Apr 2010 | Representative Director, President |
| Apr 2018 | Chairman, CEO |
| Apr 2018 | Stepped down as President |