Mitsui Fudosan Co. plans to promote Senior Executive Managing Officer Takashi Ueda to President on April 1, 2023. It will be the company's first change of president in about 12 years.

Incumbent President and CEO Masanobu Komoda is likely to become chairman with the right to represent the company. The personnel changes are expected to be decided at the day's board meeting and announced later. Ueda, 61, entered Mitsui Fudosan in 1983.

He engaged in development and land acquisition in the company's mainstay office building business and was also involved in the promotion of new businesses. Ueda took the current post in April 2021. Komoda, who became president of Mitsui Fudosan in 2011, led a large-scale redevelopment project in Tokyo's Nihonbashi area, the company's birthplace, and worked on strengthening the company's foreign operations.