Shingo Ueno
Profile
Performance in office
Tenure
Tenure
Background
He joined Sumitomo Corporation in April 1982 and built his career in energy. He became Executive Officer and head of the Energy Division in April 2013 and Managing Executive Officer in April 2016, and served as President of Sumitomo Corporation of Americas from April 2017 to April 2019. He became Senior Managing Executive Officer in April 2018 and Executive Vice President in April 2021, then Representative Director and Executive Vice President in June 2023 and President and CEO in April 2024.
Selection
In April 2024 he succeeded Masayuki Hyodo as President and CEO. In the fiscal year ended March 2024, the year before he took office, consolidated revenue was ¥6,910.3 billion and net income ¥386.3 billion, down from ¥565.3 billion the previous year. In April 2024, the month he took office, Elliott Management of the United States acquired Sumitomo Corporation shares worth tens of billions of yen, and its talks with the company over measures to raise share value came to light. Elliott stopped short of shareholder proposals or open letters, seeking higher value through private talks.
Initiatives
On May 2, 2024, the month after he took office, the company announced its Medium-Term Management Plan 2026. It set out ROE of 12% or more, total shareholder returns of at least ¥700 billion over three years, progressive dividends and a ¥50 billion share buyback, together with ¥800 billion in asset replacement. It carried out share buybacks totaling ¥70 billion in each of the fiscal years ended March 2025 and March 2026, and the share price hit an all-time high. In September 2025 it contributed ¥300 billion to the joint acquisition of Air Lease Corporation of the United States, and in October decided to make its listed subsidiary SCSK wholly owned for ¥880 billion.
Career
Career
Sumitomo Corporation
| Date | Position |
|---|---|
| Apr 1982 | Joined |
| Apr 2013 | Executive Officer, General Manager, Energy Headquarters |
| Apr 2016 | Managing Executive Officer |
| Apr 2018 | Senior Managing Executive Officer |
| Apr 2021 | Executive Vice President, Executive Officer |
| Jun 2023 | Representative Director, Executive Vice President, Executive Officer |
| Apr 2024 | Representative Director, President, Executive Officer, CEO |