TOKYO: Major Japanese trading company Mitsubishi Corp. said Friday it will promote Executive Vice President Katsuya Nakanishi, 61, to president.

   Incumbent President Takehiko Kakiuchi, 66, will assume the post of chairman with the right to represent the company, it said.

   The appointments will take effect on April 1, 2022.

    Nakanishi will lead the company’s efforts to transform its business structure and promote decarbonization chiefly by strengthening the renewable energy business.

   Chairman Ken Kobayashi, 72, will step aside to the post of consultant.

   The right to represent the company will be transferred from Kakiuchi to Nakanishi after a general meeting of shareholders slated to be held in June.

   Nakanishi has been involved in electricity-related businesses ever since he joined Mitsubishi in 1985. In 2020, after he took the helm of the electricity division, the company bought major Dutch power supplier Eneco jointly with Chubu Electric Power Co. <9502>, forming a foundation for renewable energy development in Europe.

   Mitsubishi plans to invest 2 trillion yen on decarbonization by fiscal 2030.

JIJI Press