Mr. Shigeji Ueshima
 President & CEO
Mitsui & Co., Ltd.
Mr. Shigeji Ueshima has been President and Chief Executive Officer of Mitsui & Co., Ltd. Since 1996. He was born in 1931, and joined Mitsui immediately after his graduation from Kyoto University in 1954 at the age of 22.

Mr. Ueshima was appointed General Manager of the Iron Ore Division in 1981, after a variety of assignments both in overseas countries including South Africa and the U.S.A., and in Japan.

Mr. Ueshima has conducted several investment projects mostly for developing iron ore mining in Australia, Canada and other countries, and managed various subsidiary companies and joint ventures, for mining and supplying iron ore, with overseas corporations.

As Executive Managing Director, General Manager of the Corporate Planning Division, Mr. Ueshima administrated Mitsui's strategic planning for two years from 1989. Specifically he promoted the creation of the "Mitsui Long-Term Strategy II and Action Plan" in 1991, which were designed to restructure Mitsui so as to acquire a more powerful and competitive position. As Chairman of Mitsui's Investment and Financing Committee, he directed the portfolio of Mitsui's large-scale investment and financing.

After serving as Senior Executive Managing Director of the board and Executive Vice President, he was nominated as President and Chief Executive Officer of Mitsui in June 1996.

Reforms Embrace Meritocracy as Path to Future
Shigeji Ueshima, President and CEO, of Mitsui & Co. since 1996, spent more than thirty years conducting several investment projects, mostly for developing iron ore mines through various assignments in Japan, South Africa, and the U.S.. He also served as Executive Managing Director and General Manager of the Corporate Planning Division, and as Executive Vice President before assuming the current post.

At a time when rival trading companies are hurrying to restructure and reduce payrolls, Mitsui is readying itself for a new stage in management reform.

"Long-term Management Vision," a 10-year program Mitsui unveiled in April under Ueshima's stewardship calls for reinforcing the core business of trading. Mitsui plans to expand its role as solution provider by integrating its three operational components: financial technology, information technology and logistics. The goal is to transform itself into "value creator providing knowledge-intensive services."

In July 1999, Mitsui scrapped its seniority-based compensation system in favor of an entirely new approach to human resources management centering around the concept of "pay for performance." The merit-based system is already winning acceptance.

As President of one of the leading companies in Mitsui Group, Mr. Ueshima is a constant supporter of the Group. "We place high value on 'Mitsui' brand name," he comments.