SMBC Nikko Securities president to step down on April 1

The president of Japanese brokerage SMBC Nikko Securities will step down on April 1st after completing what was called a roadmap to restructure the scandal-tainted company.

Financial regulators accused the company of stock market manipulation in 2022 and imposed a business suspension order. The brokerage was slapped with fines in the following year.

President Kondo Yuichiro, who is also CEO, was kept on as head of the company to clean house and revise business practices. He says the next stage of that work now needs to continue under new leadership.

Kondo said: "We are now ready to pave the way for a new development phase. So I decided to step aside to make a fresh start under the new president."

Kondo will be replaced by Senior Managing Executive Officer Yoshioka Shuji.

Yoshioka said his mission is to complete the restructuring efforts and continue to rebuild the company's corporate culture.

He said: "I want to improve and strengthen the company and develop a higher degree of management excellence. Fostering a healthy corporate culture is always an ongoing process."

Current Chairman Kawasaki Yasuyuki will also step down on April 1st.

The company's statement on the personnel reshuffle did not name a replacement for the chairman.

Last February, court rulings were handed down on the company and a former official in charge of equity operations. The firm received millions of dollars in financial penalties and the official was sentenced to 18 months in prison suspended for three years.

Other cases related to the scandal are still in the courts.