Mitsubishi Corp appoints Power Business boss Nakanishi as CEO

The Mitsubishi Corp banner is pictured at its headquarters in Tokyo, Japan on August 2, 2017. REUTERS / Kim Kyung-Hoon

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TOKYO, Dec. 17 (Reuters) – Japan-based Mitsubishi Corp (8058.T) on Friday announced that Katsuya Nakanishi, executive vice president and general manager of energy activities, will become the new chairman and chief executive of the trading house, at as of April 1, 2022.

Current president Takehiko Kakiuchi will become president.

Nakanishi, 61, currently heads the company’s energy solutions group and was involved in its 2019 acquisition of Eneco, one of the largest electricity companies in the Netherlands.

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The move comes as Mitsubishi, which owns stakes in metals and energy assets, including fossil fuels, seeks to adjust its portfolio to respond to the growing global trend towards decarbonization.

In October, Mitsubishi announced plans to halve its greenhouse gas emissions by 2030 from 2020 levels and achieve net zero emissions by 2050. It plans to invest $ 2 trillion. yen ($ 17.6 billion) by 2030 in alternative energies such as renewables and hydrogen. Read more

“We have defined key issues for the future and now we need to make them real,” Nakanishi, who led the creation of the plans, told reporters.

“As president, I must take the initiative to regularly promote concrete measures,” he said.

The investment fund will mainly be used to increase renewable energy at home and abroad, and to create supply chains of next generation fuels such as hydrogen and ammonia, while maintaining its responsibility to provide a stable supply of natural gas, he said.

Mitsubishi, which also has high exposure to mineral resources such as coking coal and copper, plans to expand its assets into copper as the metal is expected to benefit from the growth in electrification, Nakanishi said.

($ 1 = 113.5,100 yen)

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Reporting by Yuka Obayashi; edited by Christopher Cushing and Jason Neely

Our standards: Thomson Reuters Trust Principles.

Rosemary C. Kearney