Sumitomo Mitsui Trust Group to Appoint Oyama as Pres.

Tokyo, Dec. 23 (Jiji Press)–Sumitomo Mitsui Trust Group Inc. said Tuesday that it will appoint Kazuya Oyama, the current president of core subsidiary Sumitomo Mitsui Trust Bank, as president of the parent company, marking the group’s first leadership change in about five years. Oyama, 60, will succeed Toru Takakura, who will become group chairman without the right to represent the company. Manatomo Yoneyama, 57, senior managing executive officer of Sumitomo Mitsui Trust Bank, will become the bank’s president. The personnel changes will take effect on April 1 next year. “We will create a big wave that mobilizes funds through the power of investment,” Oyama said at a press conference in Tokyo. “With this resolve, I will continue to take on the challenge of shaping the future.” Yoneyama, who is well-versed in the digital field, said that he will work proactively on investment in artificial intelligence. Oyama, Takakura and Yoneyama were all employees of Sumitomo Trust and Banking Co., a predecessor of Sumitomo Mitsui Trust Bank. It will be the second consecutive time that both the parent company and the banking unit are headed by former employees of the predecessor bank. Meanwhile, Masakatsu Sato, the banking unit’s senior managing executive officer who hails from Mitsui Trust and Banking Co., another predecessor, will become chairman with the right to represent the unit. END [Copyright The Jiji Press, Ltd.]