Tokyo-Based Company: Nagai and Arrest Decline

tokyo-based company: Nagai, 60, who has been in charge for more than seven years, will become chairman. ; To arrest a decline in Nomura's wholesale business, Okuda executed Nagai's 1 billion cost-cutting plan which returned to profitability overseas operations that have struggled since the purchase of Lehman Brothers Holdings Inc.'s Asian and European assets in 2008, according to The Japan Times. The new leader now has to revive retail operations at home, where revenues have been pressured by an aging population, the rise of online competitors and a stubborn propensity for people to save rather than invest. Co-chief Operating Officer Okuda, 56, will replace Koji Nagai on April 1, the Tokyo-based company said in a statement Monday. The sense of urgency is even stronger now than when Nagai became CEO, Okuda said at a briefing in Tokyo after the announcement. Nagai announced his departure eight months after unveiling his third major cost-cutting exercise, having somewhat repaired his reputation following an information leak and a selloff that pushed the brokerage's valuations toward an all-time low. Speeding up the decision-making process is how I can make my mark going forward. (news.financializer.com). As reported in the news.