TOKYO: Former Japanese internal affairs minister Hiroya Masuda has accepted an offer to take the helm of embattled Japan Post Holdings Co., informed sources said Thursday.

Masuda, who has also served as chairman of the government's postal privatization committee, is slated to become the company's president and chief executive officer after the turn of the year, according to the sources.

He will replace Masatsugu Nagato, who is set to announce his resignation as Japan Post Holdings president and CEO on Friday over a scandal involving improper insurance sales.

On Friday, Mitsuhiko Uehira, president and CEO of Japan Post Insurance Co., and Kunio Yokoyama, president and CEO of Japan Post Co., are also set to announce their resignation over the scandal.

Uehira is likely to be succeeded by Tetsuya Senda, deputy president of Japan Post Insurance. Yokoyama is expected to be replaced by Kazuhide Kinugawa, senior managing executive officer of Japan Post Holdings.

The internal affairs ministry and the Financial Services Agency will announce punitive measures against the three companies on Friday.

Jiji Press