The Tokyo Stock Exchange has given up trying to persuade Honda Motor Co. Chairman Yoshihide Munekuni to be its first chairman, a TSE source said Tuesday.
Honda's internal rules have made it difficult for the TSE to recruit Munekuni, the source said, adding that the bourse will not introduce the post for the time being.
Under Honda's rules, anyone who retires from the major automaker and becomes a director at a different company must return retirement money.
Takuo Tsurushima, former TSE vice president, became the bourse's president April 1, succeeding Masaaki Tsuchida, who died in January.
The TSE had hoped that Munekuni, 65, known for his international business experience, would assume the envisaged post of chairman and help Tsurushima.