Jefferies Financial Group, Inc. (NYSE:JEF) today announced the appointment of the Sumitomo Mitsui Financial Group, Inc. (NYSE: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.”