Japanese retail broker Kabu has announced two personnel changes this Thursday, which were decided at the Board of Directors meeting held today.
Effective from August 1 this year, Osamu Kurokawa, has been appointed as the Vice President of General Business, Sales Representative.
Previously, Kurokawa was the VP of General Business, Human Resources, and Sales. The difference appears to be that Kurokawa will no longer work in Human Resources.
Kurokawa is also a Director Representative Executive, which has not changed. Tsukada Masayasu appears to have taken on Kurokawa’s role in HR.
Masayasu is now the Director Senior Managing Executive Officer, Human resources responsible for compliance and risk management.
Currently, Masayasu is the Director Senior Managing Executive Officer in charge of Compliance and Risk Management.
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The Japanese retail broker does not give any reasoning behind the change, nor does it provide any further details.
Kabu reports weak start to 2020 fiscal year
The personnel changes come on the back of the firm publishing its financial results for the first quarter of its 2020 fiscal year, ending March 30, 2020.
The first quarter of Kabu’s 2020 fiscal year spans from the 1st of April 2019 until the end of June this year.
As Finance Magnates reported, it appears that the Japan-based broker has started the year on the wrong foot, as every financial metric fell on a yearly comparison.
Specifically, Kabu reported operating revenue of ¥4.87 billion ($45.1 million). When weighing this against the first quarter of the 2019 fiscal year, which achieved operating revenue of ¥5.78 billion, it is lower by 15.6 percent.
The weak start to its 2020 fiscal year follows on from a lackluster performance across the whole of 2019.
Operating revenue for the 2019 fiscal year was ¥21.2 billion. When measuring this against the previous fiscal year, which achieved operating revenue of ¥24.5 billion, this represents a decline of 13.4 percent.