Jefferies Announces that Toru Nakashima, President and Group CEO of SMFG, Has Been Appointed to the Jefferies Board of Directors
12 August 2024 - 8:45PM
Business Wire
Jefferies Financial Group, Inc. (NYSE: JEF) (“Jefferies”) today
announced the appointment of the Sumitomo Mitsui Financial Group,
Inc. (NYSE: SMFG) (“SMFG”) President and Group Chief Executive
Officer, Toru Nakashima, to Jefferies’ Board of Directors effective
August 12, 2024. The appointment of Mr. Nakashima further
strengthens the strategic alliance between Jefferies and the SMBC
Group first announced in 2021 and then further expanded in 2023 and
2024.
Consistent with agreements between Jefferies and Sumitomo Mitsui
Banking Corporation (“SMBC”), SMBC intends to increase its economic
ownership of Jefferies to up to 15% on an as-converted and fully
diluted basis, and recently increased its economic ownership in
Jefferies to 10.9%, which entitled SMBC to identify one individual
to be nominated for election as a new member to Jefferies’ Board of
Directors. SMBC identified Mr. Nakashima. The Nominating and
Corporate Governance Committee of the Jefferies Board of Directors
reviewed Mr. Nakashima’s nomination, and the Committee recommended
his candidacy to the full Board of Directors for its review and
approval. On August 8, 2024, the Jefferies Board of Directors
approved the appointment of Mr. Nakashima as its newest member,
effective August 12, 2024.
Mr. Nakashima began his career in 1986 at The Sumitomo Bank,
Limited. He assumed the position of General Manager of the
Securities Business Planning Department in 2012 and the position of
Managing Executive Officer and General Manager of the Corporate
Planning Department in 2016. In 2019, Mr. Nakashima was appointed
Group CFO and Group CSO of SMFG. In 2023, he was elected as a
member of the Board of Directors and Deputy President of SMBC,
heading Global Corporate Banking Division; he also served as Deputy
President and Executive Officer of SMFG, co-heading Wholesale
Business Unit. In November 2023, he was appointed President and
Group Chief Executive Officer of SMFG.
Jefferies’ CEO, Rich Handler, and President, Brian Friedman,
stated: “We are honored to welcome Nakashima-san to our Board of
Directors. All of us at Jefferies look forward to the expansion and
strengthening of our strategic alliance with SMBC and we are eager
to deploy all our capabilities to bring value to their clients and
stakeholders. The appointment of Nakashima-san will bring to our
Board the added value of his unique experience, insight, and
relationships to Jefferies. We and our Board of Directors could not
be more excited for Nakashima-san to join the Jefferies Board.”
Mr. Nakashima stated: “We at the SMBC Group are confident this
next step in our alliance with Jefferies will greatly strengthen
the foundation of our relationship. In the few short years that our
strategic alliance has existed, it has already borne meaningful
opportunities. Personally, I am very enthusiastic about joining the
Jefferies Board and helping to support Jefferies’ leadership. I
look forward to working closely with the Board, Rich, Brian, and
the Jefferies team as we continue to serve all our global clients
well into the future.”
About Jefferies Financial Group Inc.
Jefferies is a leading global, full-service investment banking
and capital markets firm that provides advisory, sales and trading,
research and wealth and asset management services. With more than
47 offices in 21 countries around the world, we offer insights and
expertise to investors, companies and governments.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements about our future and statements that
are not historical facts. These forward‐looking statements are
typically identified by such words as “believe,” “expect,”
“anticipate,” “may,” “intend,” “outlook,” “will,” “estimate,”
“forecast,” “project,” “should,” and other similar words and
expressions, and are subject to numerous assumptions, risks, and
uncertainties, which will change over time. Forward-looking
statements may contain beliefs, goals, intentions and expectations
regarding revenues, earnings, operations, arrangements and other
results, and may include statements of future performance, plans,
and objectives. Forward-looking statements also include statements
pertaining to our strategies for future development of our
businesses and products, including Jefferies and SMBC Group’s
strategic alliance. In particular, forward-looking statements
include statements about the potential benefits of the
collaboration with SMBC Group and SMBC’s intention to increase its
equity investment in Jefferies, as SMBC is under no obligation to
do so. Forward‐looking statements speak only as of the date they
are made; we do not assume any duty, and do not undertake, to
update any forward‐looking statements. Furthermore, because
forward‐looking statements represent only our belief regarding
future events, many of which by their nature are inherently
uncertain, the actual results or outcomes may differ, possibly
materially, from the anticipated results or outcomes indicated in
these forward-looking statements. Information regarding important
factors, including Risk Factors that could cause actual results or
outcomes to differ, perhaps materially, from those in our
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together with reports we file with the SEC. Past performance may
not be indicative of future results. Different types of investments
involve varying degrees of risk. Therefore, it should not be
assumed that future performance of any specific investment or
investment strategy will be profitable or equal the corresponding
indicated performance level(s).
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For inquiries, please contact: Jonathan Freedman (212) 284-2300
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