Tomen Shareholders Express Confidence in New President Mahito Kageyama; New Board Chairman Shigeru Shimazaki
2003-07-02
Tomen Shareholders Express Confidence in New President Mahito Kageyama; New Board Chairman Shigeru Shimazaki to Oversee Integration with Toyota Tsusho
Tomen Corporation named Mr. Mahito Kageyama its new president, following approvalby both shareholders and the new board of directors on June 27, 2003.
Upon acceptance of his new role with Tomen, Mr. Kageyama said, "It is a great honor to become Tomen's eleventh president. This company has a proud history of pioneering trade practices and bringing great value to businesses and customers around the world. I look forward to continuing this tradition in the yearsahead."
Before his arrival at Tomen, Mahito Kageyama had a thirty-year career with Sanwa Bank, Limited (now know as UFJ Bank Limited). In January 2002, he was appointed Senior Executive Officer and Head of the Global Banking and Trading Division at UFJ Bank Limited, following the merger of Sanwa Bank and Tokai Bank into UFJ Bank. He brings to Tomen three decades of expertise in the fields of finance, investment banking, asset management and international trade. In February 2003, he was named Senior Adviser to Tomen and in Marchit was announced that he would become the next president of Tomen.
Mr. Kageyama added, "I will give the highest priority to the continuing implementation of the Tomen Group Medium-Term Management Plan, through its scheduled completion in 2006, and to a successful integration of Tomen's trading skill with ToyotaGroup's disciplined financial management."
In May 2003, Tomen announced a plan to increase its capital by ¥10 billion by issuing new shares through a third party allotment in September 2003. By this measure, Tomen will allocate new shares each worth about ¥5 billion to Toyota Motor Corporation and Toyota Tsusho Corporation, Tomen's largest shareholder (11.5%). After the completion of the capital increase in September 2003, Toyota Motor will possess 10.6% of Tomen shares and Toyota Tsusho will raise its equity to a 19.7% stake in Tomen. Toyota Group, including Toyota Motor and Toyota Tsusho, will hold about 35% of the equity in Tomen.
Tomen's new president expressed his confidence in the future to all stakeholders. He said, "Over the last six months, Tomen has made the necessary changes and partnerships to cope with the present challenges in the global economy and to flourish in the future." He continued, "We have in place a solid foundation for growth, capitalizing on core business areas, strong fiscal oversight and industrial practices that have been recognized as safer for the environment. I am excited to move Tomen ahead to its brightfuture."
Tomen shareholders and the board of directors also elected Shigeru Shimazaki as Chairman of the Board of Directors. Mr. Shimazaki has worked with Toyota Tsusho Corporation since 1964, most recently named to the post of Executive Vice President in June 2001. In February he was named Senior Adviser to Tomen Corporation and in March it was announced that he would become the Chairman of the Board of Tomen. Mr. Shimazaki will assume responsibility forthe successful integration of Tomen with Toyota Tsusho.
In addition to the new leadership, four new directors have joined the management team at Tomen. Each has pledged their support to Messrs. Kageyama and Shimazaki.
 Shigeru Shimazaki Chairman | | | Career Path | | April 1964 | Joined Toyota Tsusho Corporation | | June 1993 | Director | | June 1999 | Managing Director | | June 2000 | Senior Managing Director | | June 2001 | Executive Vice President | | February 2003 | Senior Adviser of Tomen Corporation | | June 2003 | Chairman of Tomen Corporation |
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 Mahito Kageyama President | | | Career Path | | April 1972 | Joined The Sanwa Bank, Limited
(now known as UFJ Bank Limited) | | June 1999 | Executive Officer | | January 2002 | Senior Executive Officer of UFJ Bank Limited | | February 2003 | Senior Adviser of Tomen Corporation | | June 2003 | President of Tomen Corporation |
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