Mitsubishi Corp appoints power firm boss Nakanishi as CEO

The sign of Mitsubishi Corp is pictured at its headquarters in Tokyo, Japan August 2, 2017. REUTERS/Kim Kyung-Hoon/File Photo

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TOKYO, Dec 17 (Reuters) – Japan’s Mitsubishi Corp (8058.T) said on Friday that executive vice president and chief electrical business officer Katsuya Nakanishi would become the new president and chief executive of the house of commerce, as of April 1, 2022.

Current President Takehiko Kakiuchi will become President.

Nakanishi, 61, currently leads 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 has stakes in metals and energy assets including fossil fuels, seeks to adjust its portfolio to meet the growing global trend towards decarbonization.

In October, Mitsubishi announced that it would aim to halve its greenhouse gas emissions by 2030 from 2020 levels and achieve net zero emissions by 2050. It plans to invest 2,000 billion yen ($17.6 billion) by 2030 in alternative energies such as renewables and hydrogen. Read more

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

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

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

Mitsubishi, which also has a high exposure to mineral resources such as coking coal and copper, plans to expand its copper assets as the metal stands to benefit from growing electrification, Nakanishi said.

($1 = 113.5100 yen)

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

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