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CVC taps former Sumitomo executive as Japan president
May 2, 2017 / 2:55 AM / in 6 months

CVC taps former Sumitomo executive as Japan president

TOKYO (Reuters) - CVC Capital Partners [CVC.UL] said on Tuesday it has hired a former executive of Sumitomo Mitsui Financial Group (8316.T) as president of Japan operations.

Nobuaki Kurumatani, a former deputy president of Sumitomo Mitsui Financial, was appointed for the role effective Monday, CVC said in a statement.

Last month CVC appointed Yoshiaki Fujimori, a former chief executive of LIXIL Group Corp (5938.T), a Japanese provider of bathroom and kitchen equipments, as senior executive adviser for Japan.

Japanese companies are seen to be more willing to sell assets to private equity firms as they try to streamline their businesses. Last week Japanese conglomerate Hitachi Ltd (6501.T) sold its chip-making equipment unit to KKR (KKR.N).

In 2015 CVC hired Atsushi Akaike, a former dealmaker at Japanese buyout firm Advantage Partners, as head of Japan.

Reporting by Junko Fujita; Editing by Stephen Coates

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