Japanese forwarder Yusen Logistics at an extraordinary board meeting on Wednesday promoted Hiromitsu Kuramoto to president and representative director, effective April 1.
Kuramoto, who currently holds the post of executive vice president, will succeed Shunichi Yano, who will become chairman and representative director, the Tokyo-based company said.
"As the company is integrating its overseas business with the overseas logistics business of Nippon Yusen Kabushiki Kaisha (NYK Line), which will get fully underway on April 1, 2011, it aims to strengthen and enhance the management structure of the group, improve its business performance and increase its corporate value," Yusen Logistics said in a statement.
"We plan to complete all aspects of the integration by the end of March 2012, proceeding in overseas countries following the completion in Japan in October 2010," Yano said in his New Year's message Tuesday.
"When we have completed all aspects of the integration, we will have an enormous network consisting of over 400 operating bases in 42 countries worldwide, a group of warehouses of over two million square meters in total, and approximately 16,000 employees in the world," Yano said.
"The integration will not only expand the size and business domain of Yusen Logistics; it will also achieve an outstanding balance among the four business areas, namely air freight forwarding, ocean freight forwarding, land transportation, and contract logistics in a breakdown of sales by business, and will create a clear system of five worldwide operating bases, in Japan, the Americas, Europe, East Asia, and South Asia/Oceania, when we break down sales by region. Looking at international logistics companies, this kind of strong and balanced portfolio is rare," he said.
The company currently projects its group operating revenue in fiscal 2010, which ends on March 31, 2011, to rise 36.9 percent from the previous fiscal year to $2.1 billion.
-- Contact Hisane Masaki at email@example.com.