Kuniharu Nakamura
Profile
Performance in office
Tenure
Tenure
Background
He joined Sumitomo Corporation in April 1974 and built his career in automobiles, including as President of Plaza Motors. After serving as General Manager of Corporate Planning and head of the Mineral Resources & Chemicals Business Unit, he became Representative Director and Senior Managing Executive Officer in June 2009 and Representative Director and Executive Vice President in April 2012, and President in June of that year. Presidents up to his predecessor Susumu Kato had come through the steel division; he was a President from the automotive division.
Selection
In June 2012 he succeeded Susumu Kato as President. In the fiscal year ended March 2012, the year before he took office, consolidated revenue was ¥3,260.9 billion, operating profit ¥219.9 billion and net income ¥250.6 billion. He was promoted from Representative Director and Executive Vice President after heading the Mineral Resources & Chemicals Business Unit. It has also been pointed out that management strongly disliked seeing Sumitomo Corporation alone left behind while Mitsubishi Corporation and Mitsui & Co. posted record profits from resources.
Initiatives
In August 2012 the company invested about ¥110.0 billion in a tight oil project in Texas, acquiring a 30% interest from Devon Energy. After resource prices fell from late 2014, it booked impairments totaling ¥310.3 billion in one go in the fiscal year ended March 2015, centered on U.S. tight oil, Brazilian iron ore and U.S. shale gas. The bottom line was a ¥73.1 billion loss, the first net loss in 16 years. In April 2014 the company abolished its domestic block system and opened Kansai, Chubu and Kyushu offices, and in April 2015 it abolished the group system in its corporate departments and introduced a system of officers in charge.
Career
Career
Sumitomo Corporation
| Date | Position |
|---|---|
| Apr 1974 | Joined |
| Jun 2009 | Representative Director, Senior Managing Executive Officer |
| Apr 2012 | Representative Director, Executive Vice President, Executive Officer |
| Jun 2012 | Representative Director, President |
| Apr 2018 | Representative Director, Chairman |
| Jun 2018 | Chairman |
| Jun 2018 | Stepped down as President |