Mitsubishi Corp. Vice President Yorihiko Kojima will become company president April 1, sources said Wednesday.
Mitsubishi President Mikio Sasaki, 66, will become chairman of the trading house, they said. The appointments will be formalized at a board of directors meeting later Wednesday.
The reshuffle is in line with Mitsubishi's long-running practice of having a president serve three two-year terms, they said. Sasaki will have served for six years at the end of March.
Kojima, 62, has spearheaded Mitsubishi's efforts to launch new operations, including those related to information technology and finance. He has also been credited with helping Mitsubishi buy convenience store chain Lawson Inc. from Daiei Inc.
Mitsubishi's business diversification strategy is expected to boost its group net profit to more than 100 billion yen for fiscal 2003, which would make it the first Japanese trading house to top that line.
Kojima joined Mitsubishi in 1965 after graduating from the University of Tokyo. He served in such posts as board director and managing director before becoming vice president in April 2001.
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