Bloomberg News

Mizuho International Says Paul Hearn Resigns as CEO

May 16, 2012

Mizuho International Plc, the London- based investment banking unit of Mizuho Financial Group Inc. (8411), said Paul Hearn will step down as chief executive officer to “pursue other opportunities.”

Hearn will stay until the board finds a replacement, the company said in an e-mailed statement today. He joined the company in January 2010 and has been involved in the “unwinding of Mizuho International’s legacy asset portfolio.”

“The time is right for me to leave Mizuho in order to pursue other opportunities,” Hearn said in the statement. “In the meantime, I am focused on helping the board find the right successor to drive this business forward.”

Mizuho, based in Tokyo, said this month that it will make a profit at its brokerage business, which lost 95 billion yen ($1.2 billion) in the year ended in March. The company has announced 1,000 job cuts at the brokerage unit since October. It’s also eliminating 3,000 positions by March 2016 through a separate merger of its corporate and consumer banking units.

To contact the reporter on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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