Japan's Mizuho chairman to step down over mob loans scandal

Mizuho Financial Group (TYO:8411) chairman Takashi Tsukamoto will quit in March to take responsibility for a scandal over loans to organized crime, and the bank will restructure its board to improve governance, it said on Thursday. "We need to sweep away our silo mentality and change our corporate culture," Mizuho President Yasuhiro Sato told a news conference. The bank said Sato will give up his pay for 12 months starting from last month, up from six months initially announced in October. Asked whether he also intended to step down, Sato said: "It is my responsibility to build a corporate governance system that is held in high regard in global financial markets."



via Business News - Yahoo Finance http://finance.yahoo.com/news/mizuho-says-chairman-step-down-110131237.html