Why Did Pope Benedict Resign :1Big Motor Insurance CEO Now
Due to the Big Motor Insurance Fraud Scandal, Sompo’s CEO will resign.
CEO of Sompo Holdings Inc., a significant Japanese insurance company, Kengo Sakurada announced on Friday that he will retire at the end of March in order to accept accountability for the company’s role in the insurance fraud scandal involving used car dealer Bigmotor Co.
The announcement follows Sampo’s Thursday operation improvement order from Japan’s financial watchdog. It was discovered during the scandal that Bigmotor had been inflating insurance claims and purposefully damaging customers’ cars in order to charge exorbitant repair costs.
One of the largest nonlife insurers in Japan, Sampo, is accused of willfully ignoring the fraudulent practices in order to preserve the business relationship. Sampo sold a significant amount of its auto insurance through Bigmotor.
The Financial Services Agency’s order required the management of Sompo Holdings and its main subsidiary, Sampo Japan Insurance Inc., to take ownership of the problem into consideration.
How To Resign From A Job
“We are deeply sorry for betraying everyone’s confidence. We are sorry for giving our customers so much trouble,” Sakurada said at a Tokyo press conference. “My oversight was not enough.”
After more than a decade as the group’s leader, Sakurada will step down on March 31 and be replaced by Chief Operating Officer Mikio Okumura.
The incident caused a stir in Japan last year when a report by an independent panel revealed that workers at Bigmotor had harmed cars with screwdrivers and golf balls, among other tools.
Giichi Shirakawa, President of Sampo Japan Insurance, will retire on Wednesday of next week, the company announced.
He had been the one driving the decision to resume business with Bigmotor out of fear of losing sales, as another panel of third parties pointed out.
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