Japan Post has appointed a new president and chief executive officer following an insurance scandal that saw former CEO Masatsugu Nagato, along with top executives in the operator’s financial services division, step down from their roles.
Hiroya Masuda took up the new position earlier this week and has since revealed that his first task will be to regain the public’s trust in the postal group.
The executive resignations followed revelations that Japan Post had been selling improper life-insurance products. Regulators have since ordered the postal operator to stop selling insurance products for three months starting January 1.
According to Masuda, the post is facing the biggest crisis since its foundation. He has vowed to resolve all problems stemming from the insurance scandal. Masuda will also focus on improving customer-oriented operations.