NTT appoints Shimada as new president ahead of reorganization

Nippon Telegraph and Telephone Corp. said Thursday it has appointed Senior Executive Vice President Akira Shimada as its president as the Japanese telecommunications giant plans to reorganize its business structure.

NTT also said its net profit for fiscal 2021 stood at 1.18 trillion yen ($9.2 billion), up 28.9 percent from a year earlier, surpassing 1 trillion yen for the first time due to increased demand by firms for new digital systems amid the coronavirus pandemic.

The company said Shimada will take over from Jun Sawada effective June 24, while announcing two more personnel changes in leadership at subsidiaries.

NTT said Monday it will reorganize its business structure by consolidating its overseas operations in October under a subsidiary NTT Data Corp. to enhance its competitiveness in the area of digitalization.

Sawada suggested in a press conference Monday that the group will further reorganize its operations.

NTT on Thursday said Senior Executive Vice President Naoki Shibutani will become president of Nippon Telegraph and Telephone East Corp. and Masaaki Moribayashi of NTT Ltd. will head Nippon Telegraph and Telephone West Corp.

NTT became the eighth Japanese company to see its net profit exceed 1 trillion yen, according to SMBC Nikko Securities Inc. Other firms include Toyota Motor Corp. and SoftBank Group Corp.

© Kyodo News