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Japan Post to tap former communications minister as new CEO

Postal group top execs quit over insurance sales fraud

Japan Post Holdings President Masatsugu Nagato and other executives bow during a news conference in Tokyo on Dec. 18. (Nikkei Montage/Source photo by Kai Fujii)

TOKYO -- Japan Post Holdings, a government-controlled postal and financial services giant, will announce the resignations of three top executives over a sprawling fraud scandal affecting tens of thousands of customers, most of them elderly.

President Masatsugu Nagato, previously an official at Mizuho Bank and Citibank in Japan, will step down. The company plans to tap Hiroya Masuda, a former minister for internal affairs and communications, as his successor.

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