Takashi Oyamada has stepped down as chief executive of Bank of Tokyo-Mitsubishi UFJ to be replaced by Kanestugu Mike.
Mr Kanestugu will take over as chief executive on June 14 when Mr Oyamada will take on a new position as director before retiring in June. The bank did not give a reason for Mr Oyamada’s departure.
BTMU is the core banking unit of MUFG UFJ Financial Group, Japan’s largest banking group.
Mr Oyamada will be appointed senior adviser to the bank from June 28.
Shares in the bank’s parent company MUFG closed up 1.4 per cent in Tokyo prior to the official announcement.
While Mr Oyamada’s decision to step down barely a year after being promoted to the role looked unusual, people close to senior management at the bank said that the reasons for the departure related entirely to his ill health.