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Bloomberg
Japan Post Holdings Co’s new chief executive officer vowed to restore the group’s reputation and said it’s too soon to think about growing business after an insurance scandal brought down his predecessor.
“My mission is to forge a solid footing,†Hiroya Masuda said in Tokyo. “We have just received a business suspension order. We would lose investors’ trust if we talk about dreams.â€
A former bureaucrat-turned-politician, Masuda became president and CEO of the former state-run company earlier this week after Masatsugu Nagato stepped down following revelations of improper insurance sales practices.
Masuda said he faces a tough task restoring investor confidence at the 149-year-old postal giant. Japan Post’s financial units are struggling under negative interest rates, while the mail service is turning to parcel delivery to make up for a decline.