Nikko Asset Management will separate the roles of chairman and chief executive, both currently held by Charles Beazley.
Beazley will stay on as CEO and president and Takumi Shibata will join the company as chairman.
The announcement comes days after Jamie Dimon of JP Morgan Chase survived a controversial shareholder referendum on whether to split the positions of CEO and chairman, which he both holds.
In a statement, Nikko says the decision to separate the roles is “in line with common corporate governance practices”. The change means the chairman will be in charge of governance-related matters and the CEO in charge of executing the business strategy and running the asset manager’s day-to-day business.
The firm says the decision was taken unanimously by its board. Beazley and Shibata say they will pursue the company's plans to go public, which have been on hold since December 2011.
“I strongly believe that international best practice and good corporate governance requires a separation between the positions of chairman and CEO and I informed the board early this year that this was the path we needed to follow,” says Beazley. “This is especially important for a company that intends to IPO and needs to meet the scrutiny of the international markets.”
Shibata’s appointment will take effect on July 1.
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