JT ‘appointment’ unofficial
Japan Tobacco has been considered an unlikely acquisition target because of the Japanese government’s blocking stake. But there has been talk about the government selling of some of its share as a way to help fund Japanese post-Tsunami recovery.
Japan Tobacco Inc. said today it was not the source of a recent media story about the appointment of a new president, CEO and representative director of JTI.
JTI said it would make an announcement ‘if and when it becomes necessary’.
The Japan Times, quoting ‘sources’, reported yesterday that Masamichi Terabatake, an executive at JT’s international operations, was to succeed president Mitsuomi Koizumi.
‘The leadership change comes as Japan Tobacco, which holds about 60 percent of the domestic cigarette market, seeks to expand its global reach amid falling demand at home caused by a health boom and the growing popularity of heat-not-burn tobacco products,’ the Times said.
‘At 51, Terabatake will become the company’s youngest president since it was established through the 1985 privatization of the Japanese state monopoly. He is currently deputy CEO of Geneva-based Japan Tobacco International SA.
‘The personnel decision could be finalized by Japan Tobacco’s board by the end of the month and would then be subject to approval at a general shareholders’ meeting in March,’ the sources said.