Japan's MS&AD to shed cross-held shares in 2 years, says next CEO

TOKYO -- The incoming chief executive of Japan's MS&AD Insurance Group Holdings has told Nikkei that he aims to unwind all cross-shareholdings within two years at the earliest at one of the core insurance units, a move that would accelerate the previous deadline by several years.

Shinichiro Funabiki is currently the president of group subsidiary Mitsui Sumitomo Insurance. Funabiki will assume the double duty of president and CEO of MS&AD after a shareholders meeting in late June.