Financial services group Nomura Holdings Inc. said Monday it will promote Deputy President Kentaro Okuda to group CEO, effective April 1, 2020.

Okuda, 56, will replace Koji Nagai, who will become the chairman of the company.

The move comes as Nomura is struggling to make a turnaround after being in the red for the first time in 10 years in the business year to March, incurring a loss of 100.4 billion yen ($ 915 million).

It last posted a full-year loss in the year to March 2009 following the collapse of Lehman Brothers Holdings Inc. the previous year.

==Kyodo

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