Mizuho CEO Sakai Plans to Step Down After System Failures

$Mizuho Financial (MFG.US)$ Mizuho Financial Group Inc. Chief Executive Officer Tatsufumi Sakai is planning to step down following multiple technical failures that drew criticism from the government, according to people with knowledge of the matter.

The bank will release an improvement plan in December, which will include details of the CEO’s resignation, other people said, asking not to be identified because the matter is private. Mizuho board’s nominating committee will meet to choose Sakai’s successor and Chairman Yasuhiro Sato may also leave, they said.

Nikkei, Kyodo and NHK all reported earlier that Sakai is likely to step down, without saying where they got the information. Mizuho spokesman Yasuhiro Sasaki said nothing has been decided on any management changes.