Naohiko Kumagai
Profile
Performance in office
Tenure
Tenure
Background
In 1989 he rose from Director and Executive Vice President to President. Starting with the establishment of Mitsui & Co. (U.S.A.) in April 1966, Mitsui & Co. had expanded its business through overseas subsidiaries, and in November 1976 it moved its head office to Otemachi, Chiyoda Ward, Tokyo. Naohiko Kumagai appears to have risen from the textile division through General Manager of Human Resources and President of Mitsui & Co. Europe to Executive Vice President.
Selection
In 1989 he succeeded Koichiro Ejiri as President. The Iran petrochemical project remained unresolved after a supplementary agreement of July 1983 was rejected by the Iranian parliament, with the five Japanese partners bearing annual costs of ¥17.7 billion, or ¥100 million flowing out every two days. He appears to have taken office charged with completing the liquidation of a project that had gone unsettled for more than ten years.
Initiatives
In December 1990 the Iran petrochemical project came to an end with the completed liquidation of Iran Chemical Development. In October 1991 the company introduced a system of business unit heads, and in April 1993 established Mitsui & Co. Steel. In June 1994 it signed the oil and natural gas development agreement for Sakhalin II. While general trading companies other than the three former zaibatsu firms were downgraded to below investment grade, Mitsui & Co. kept its consolidated equity ratio in double digits. In the fiscal year ended March 1995, consolidated net sales were ¥17,035.0 billion and net income ¥26.2 billion.
Career
Career
Mitsui &
| Date | Position |
|---|---|
| 1989 | President |
| 1995 | Stepped down as President |