The Japanese conglomerate Mitsubishi UFJ Financial Group is making changes to the leadership team that oversees operations in the United States and nearby countries.
The Tokyo-based company announced Tuesday that Masatoshi Komoriya has been promoted to executive chairman of the board of directors for MUFG Americas Holdings Corp. and its U.S. banking subsidiary, MUFG Union Bank. Komoriya’s new role will begin June 30.
Komoriya, who joined MUFG’s board in April, will retain his current duties as deputy chief operating officer-international and deputy chief executive of the global commercial banking business group, according to a press release from MUFG. He began both jobs in April.
Komoriya will remain based in New York, the company said.
He succeeds Kazuo Koshi, who was executive chairman for two years before shifting to the separate role of chairman in April. Koshi is also an advisor to MUFG President and CEO Junichi Hanzawa.
Unlike many banks, MUFG splits the roles of board chairman and CEO. Kevin Cronin has been president and CEO of the holding company and MUFG Union Bank since early 2021.
Komoriya is a former executive officer and chief of staff for the Americas for MUFG Bank and the holding company, which includes MUFG Union Bank, MUFG Securities Americas and MUFG Fund Services. MUFG Union Bank is in the process of being sold to U.S. Bancorp in Minneapolis.
The $8 billion sale, which was announced last fall, excludes MUFG Union Bank’s global corporate and investment bank, certain middle- and back-office functions and other assets.
In May, U.S. Bancorp disclosed in a filing that regulatory approval of the deal will likely take longer than expected. Executives initially thought it would be finalized during the first half of this year.
