By HIROAKI KIMURA/ Staff Writer
December 17, 2024 at 15:30 JST
In a break from tradition, Japan's largest business lobby has decided to select a representative from the financial industry as its next chairman.
The Japan Business Federation (Keidanren) will appoint Yoshinobu Tsutsui, chairman of Nippon Life Insurance Co., to the post.
Keidanren has traditionally chosen its leaders from the manufacturing sector, making this the first appointment from the financial sector.
Tsutsui, 70, will succeed Masakazu Tokura, 74, chairman of Sumitomo Chemical Co., whose term expires at the end of May next year.
The term of office is four years.
Tsutsui, who graduated from the faculty of economics at Kyoto University, joined Nippon Life Insurance in 1977.
After serving as a director and in other positions, he became president in 2011 and chairman in 2018. He has been serving as a vice chairman of Keidanren since 2023.
Regarding the selection of his successor, Tokura emphasized that the new chair no longer had to come from the manufacturing sector, proposing that candidates from various industries be considered.
Since assuming the chairmanship in 2021, Tokura has advocated for a “perspective of social responsibility.”
In addition to representing the interests of the business and industrial communities, he has promoted policies to help rectify excessive shareholder capitalism and foster a thriving middle class.
There have been only two previous Keidanren chairmen from outside the manufacturing sector: one from the Keidanren secretariat and one from Tokyo Electric Power Co.
The last chairman from outside the sector was Gaishi Hiraiwa from TEPCO, who led the organization from 1990 to 1994.
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Yoshinobu Tsutsui, chairman of Nippon Life Insurance Co., has been appointed as the next leader of the Japan Business Federation (Keidanren). (Provided by Keidanren)
