Orix group CEO Miyauchi to step down in June

Orix Corp. group chief executive officer and board chairman Yoshihiko Miyauchi is set to retire from his roles in late June, a source close to the Japanese financial giant said Saturday.

Makoto Inoue, 61, president and co-CEO since January, will become the sole CEO, the source said, adding that Miyauchi, 78, will also leave the board and the office of chairman will be left vacant.

Instrumental in growing Orix into a general financial firm and also in promoting the government's deregulatory steps, Miyauchi, however, will continue to provide management advice in the newly created position of senior chairman, the source said.

He will also stay as owner of the Orix Buffaloes professional baseball team.

The company is expected to formalize the management change at a board meeting Thursday.

Miyauchi joined Orix, then Orient Leasing Co., in 1964 and rose to become president and CEO in 1980. Under his management Orix turned from a leasing company into a general financial firm.

He supported deregulation as chair of the Council for the Promotion of Regulatory Reform under former Prime Minister Junichiro Koizumi.