Mikio Sasaki
Profile
Performance in office
Tenure
Tenure
Background
He joined Mitsubishi Corporation in 1960 and, after serving as General Manager of Heavy Machinery, became Executive Vice President and then President of Mitsubishi International Corporation in the United States. After returning to Japan he became Managing Director in charge of corporate functions, and rose from there to President. Following his predecessor Minoru Makihara, he was another President who had headed Mitsubishi International Corporation.
Selection
In 1997 he succeeded Minoru Makihara as President. During his predecessor's six years, the company had booked about ¥160.0 billion in extraordinary losses over two years from dealing with tokkin and fund trusts and reviewing business investments, and had just completed an organizational overhaul that halved the number of officers with representative authority. Redrawing growth after the losses had been fully booked was the task he inherited, and his record running an overseas subsidiary appears to have been a factor in his selection.
Initiatives
In 2000 the company acquired shares in the convenience store subsidiary Lawson from Daiei, which was undergoing restructuring, and concluded a capital and business alliance. Mitsubishi Corporation lagged in the downstream compared with C. Itoh, which owned FamilyMart, and Sumitomo Corporation, which had food supermarkets, and it sought the nationwide store network as a base for e-commerce and finance. It underwrote about ¥170.0 billion of privately placed bonds exchangeable for shares, acquiring 20% at the time of listing, and in February 2001 raised its stake to 29.8%, overtaking Daiei as the largest shareholder. In November 2000 it sold Aristech Chemical of the United States to Sunoco for about $695 million.
Career
Career
Mitsubishi Corporation
| Date | Position |
|---|---|
| 1997 | President |
| Apr 2004 | Stepped down as President |