After six years as CEO and managing director of KKR's (NYSE: KKR ) Japan operations, Shusaku Minoda has been named the division's new executive chairman, the company announced Tuesday. Succeeding Minoda as CEO and managing director of KKR Japan is Hirofumi Hirano. The appointments become effective April 15.
Minoda helped direct the sale last month of private staffing firm Intelligence Holdings, for $716 million, to Japan's Temp Holdings. Intelligence Holdings is one of Japan's largest staffing firms. The equity portion of the sale is valued at approximately $537 million. The transfer of ownership is expected to be complete in late April.
Henry Kravis, co-founder, co-CEO, and co-chairman of KKR, is quoted in the company press release as touting Minoda's leadership in "maintaining trusted relationships with our business partners and key stakeholders as well as in our government relations."
Kohlberg Kravis Roberts & Co. is a private equity investment firm specializing in acquisitions, leveraged buyouts, management buyouts, special situations, growth equity, mature, and middle market investments.
Prior to joining KKR Japan, Hirano served as managing director and head of Asia financial services practices at privately held AlixPartners Asia. The company praised his "unique combination of private equity investing and operational consulting with a 30-year track record. ... He will lead our team on a day-to-day basis at KKR Japan as we build on the firm foundation that KKR has created in Japan."
KKR recently established its $6 billion pan-Asia fund, the biggest fund of its kind in the region, and intends to utilize part of the fund's assets to expand its investment in the Japan region.