Iwao Toriumi
Profile
Performance in office
Tenure
Tenure
Background
He graduated from the Faculty of Commerce at Hitotsubashi University in April 1956 and joined Marubeni-Iida. He became General Manager of Ceramics and Carbon in 1982, a Director in 1986, Managing Director and President of Marubeni America in 1989, Senior Managing Director in 1990 and Executive Vice President in 1991. He was a career employee who handled ceramics and carbon rather than textiles and climbed the officer ranks after running the U.S. subsidiary.
Selection
In August 1992 he succeeded Tomio Tatsuno as President. His predecessor stepped down after five years and two months, and the change to Toriumi, who had been Executive Vice President for one year, was a mid-term appointment. In the fiscal year ended March 1992, the year before he took office, consolidated revenue was ¥18,657.4 billion and net income ¥11.2 billion, but in the FY ended March 1993, his first year, they fell to ¥17,325.5 billion and ¥1.1 billion.
Initiatives
Right after taking office he set about cleaning up the aftermath of financial speculation. In the fiscal year ended March 1999, consolidated revenue was ¥11,960.2 billion, with an ordinary loss of ¥149.9 billion and a net loss of ¥117.7 billion. In March 2002 Nikkei Business wrote that while C. Itoh had booked non-consolidated extraordinary losses of ¥170.0 billion in the FY ended March 1998 and ¥452.7 billion in the FY ended March 2000, Marubeni had been slow to dispose of its bad assets and was exposed to credit concerns.
Career
Career
Marubeni
| Date | Position |
|---|---|
| Apr 1956 | 一橋大学商学部を卒業し丸紅飯田に入社 (translation pending) |
| 1982 | 窯業炭素部長 (translation pending) |
| 1986 | Director |
| 1989 | Managing Officer and President, Marubeni U.S. |
| 1990 | Senior Managing Officer |
| 1991 | Executive Vice President |
| Aug 1992 | Representative Director, President |
| Apr 1999 | Representative Director, Chairman |
| Apr 1999 | Stepped down as President |