As per a recent announcement made by Japan-based retail broker Kabu, it has made changes to its high-level management team which is set to come into effect starting this August. As per the announcement, two of its Board of Directors will change effective on 01.08.2019. Osamu Kurokawa who is currently serving in the role of Vice President of General Business, Human Resources and Sales will now move away from Human Resource department and just serve in the capacity of VP of General Business and Sales division. Aside from this role, he continues to remain as one of the firm’s Director Representative Executive which wasn’t considered for alternation when changes were made.
Meanwhile, his role in Human Resource Department has been taken over by Tsukada Masayasu. Currently, Tsukada is serving in the role of Director Senior Managing Executive Officer for Compliance and Risk Management departments. While his current role remains unchanged, he additionally gains responsibility for HR department taken from Osamu. Aside from the change in roles of these two executives, there hasn’t been any major changes and the firm failed to reveal the reason for making this internal change in the statement released earlier today. While no open reasons were given by the firm these changes have been announced shortly after the firm published its Q1 results for FY 2019-20 which ends on 30th March 2019.
The Q1 here representing the period from April 2019 to June 2019 saw a disappointing fiscal report with Net Income dropping by nearly 66% which can be viewed as triggering factor for changes made to a higher management role. The broker house has been facing disappointing business performance so far this year with the latest quarterly report seeing every single financial metric falling significantly on a yearly basis. The net income dropped from 1.54 Billion Yen in the first quart of 2019 to 533 Million Yen in the latest quarter. Similarly the operating income 2.13 Billion Yen in Q1 of 2019 to 813 Million Yen in the latest quarter. According to details in a statement released by the firm, decreased fiscal data was as a result of a decline in investment activities from individual investors and due to an increase in system-related expenses.
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