The president of Japanese telecommunications company NTT has announced that he is leaving the company following the announcement of record losses totalling Yen 812.2 billion for the fiscal year ended March 31.
NTT president Junichiro Miyazu will leave his present post to be replaced by company vice president, Norio Wada. Wada joined NTT in 1964 and has been in his present post since July 1999. The appointments are subject to government and shareholder approval. Miyazu will remain as a director with the company in a consultancy role.
NTT’s volatile performance over the last few years has been caused by its reliance on the fortunes of DoCoMo and its long distance international business unit, NTT Communications Corp. The company is planning to shed 17,000 jobs and reduce its capital expenditure by 400 billion yen in order to counter its losses.