Nomura Securities’ President Stepping Down

Japan’s largest securities company, trying to win back customers after a scandal over shady stock deals, said its new president is resigning and 15 other executives are being demoted. Nomura Securities Co. President Masashi Suzuki announced the latest in a series of largely symbolic, self-inflicted penalties for the company’s involvement in deals allegedly made for racketeers. Suzuki, 61, offered “utmost apologies” for the scandal, although he also stressed that he was not directly to blame. Suzuki’s resignation is effective May 1. Suzuki, who assumed the post of president only last month, will continue as chairman. He will be replaced as president by Junichi Ujiie, 51, currently a managing director. Former Nomura President Hideo Sakamaki resigned last month to assume responsibility.