Seiki Tozaki
Profile
Performance in office
Tenure
Tenure
Background
He graduated from Tokyo University of Commerce in 1934 and joined C. Itoh, which then had about 500 employees. After postings to the Hanoi, Kokura and Osaka branches, he became deputy manager of the Tokyo branch in January 1951, head of the Portland office in July 1952 and President of C. Itoh New York in April 1954, returning to Japan in October 1960. He became a Director in May 1959, Managing Director in May 1961, Senior Managing Director in May 1964 and Executive Vice President in May 1968. His career was built on putting together business overseas.
Selection
On May 31, 1974, he succeeded Masakazu Echigo as President. In the acquisition of the IAPCO concession that came up in March 1969, he negotiated with its parent Natomas as Executive Vice President, staying in San Francisco for two weeks. In March 1972 he accompanied Echigo on a visit to China. When he took office, criticism of trading companies was fierce, with C. Itoh and Marubeni particularly in the firing line. Tozaki set out a management approach that took a free-market economy as given while being strongly conscious of the company's social role.
Initiatives
In 1975 Ataka & Co., ninth among the ten largest trading companies, effectively collapsed after its funding of a Canadian refinery backfired in the first oil crisis. Its total liabilities were ¥1 trillion, with about 230 lending financial institutions and 35,000 business partners. Through the mediation of Sumitomo Bank, a comprehensive business tie-up was reached on January 12, 1976, under which C. Itoh took over the trading rights in steel, chemicals and nonferrous metals and cut off the unprofitable sales divisions. The formal merger came in October 1977, bringing capital to ¥37,251.47 million.
Career
Career
Itochu
| Date | Position |
|---|---|
| 1934 | Joined |
| 1951 | Deputy General Manager, Tokyo Branch |
| Jul 1952 | General Manager, Potorando Office |
| Apr 1954 | President, New York Itochu |
| May 1959 | Director |
| May 1961 | Managing Director |
| May 1964 | Senior Managing Director |
| May 1968 | Executive Vice President |
| May 1974 | President |
| Jun 1983 | Stepped down as President |