UnionBanCal Appoints New President & CEO; New Chairman of the Board Also Elected
February 28 2007 - 5:11PM
Business Wire
UnionBanCal Corporation (NYSE:UB) today announced that the Board of
Directors approved the appointment of Masaaki Tanaka as President
and Chief Executive Officer of UnionBanCal Corporation and its
principal subsidiary, Union Bank of California, N.A., effective May
24, 2007. Tanaka, 53, is an Executive Officer of The Bank of
Tokyo-Mitsubishi UFJ, Ltd. (BTMU), UnionBanCal�s majority
stockholder. He has served as BTMU�s General Manager, Corporate
Planning Division, since January 2006. Prior to that, from May 2004
to January 2006, he served as General Manager of several BTMU
corporate banking groups and business development divisions.
Tanaka�s experience in the United States dates to 1984 and includes
assignments at The Bank of California, a predecessor of Union Bank
of California, and as a manager of BTMU�s North American Planning
Division in New York City. Tanaka began his banking career with
Mitsubishi Bank, Ltd., a predecessor to BTMU, upon gradation from
the University of Tokyo in 1977. He has an LLM degree from the
University of Michigan Law School. Tanaka succeeds Takashi
Morimura, who has served as President and Chief Executive Officer
of UnionBanCal and Union Bank since May 2005. Morimura, a managing
executive officer of BTMU, is returning to BTMU headquarters in
Tokyo for a new assignment. The UnionBanCal board of directors also
elected Norimichi Kanari to succeed Tetsuo Shimura as Chairman of
the Board, effective immediately. Shimura is also returning to
Japan. Kanari served as President and CEO of UnionBanCal from July
2001 to May 2005. He has served as Deputy President of BTMU, his
current position, since 2005. Kanari has served as a director of
UnionBanCal since July 2000. �We are pleased to welcome Mr. Tanaka
and Mr. Kanari back to Union Bank,� said Morimura. �I am very
confident in Masaaki�s ability to lead this company. I also have
great confidence in the other members of the executive management
team � Philip Flynn, Vice Chairman and Chief Operating Officer;
David Matson, Vice Chairman and Chief Financial Officer; and
Masashi Oka, Vice Chairman, Administration and Support Group. I
expect that this executive management team will keep the company
well-positioned competitively and financially to achieve long-term
shareholder value as we go forward.� Morimura added, �I have been
honored to serve as CEO of this great company, and I express my
deep appreciation to our customers, employees, and Board of
Directors.� Based in San Francisco, UnionBanCal Corporation is a
bank holding company with assets of $52.6 billion at December 31,
2006. Its principal subsidiary, Union Bank of California, N.A. had
321 banking offices in California, Oregon and Washington, and 2
international offices at December 31, 2006.
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