Minoru Makihara facts for kids

Minoru Makihara (Japanese: 槙原稔 Makihara Minoru; January 12, 1930 – December 13, 2020) was a Japanese business leader. He was the chief executive (1992–1998) and chairman (1998–2004) of Mitsubishi Corporation. He was famous for helping the company through tough economic times in the 1990s. He also worked hard to build strong business ties between the United States and Japan.

Minoru Makihara's Early Life and School

Minoru Makihara was born in London, United Kingdom, on January 12, 1930. His parents were Haruko and Satoru Makihara. His father worked for Mitsubishi in London. His mother was a teacher, librarian, and writer.

His family moved back to Japan just before World War II. This was when tensions between Japan and Western countries were growing. In 1942, his father passed away. He was on a business trip to the Philippines when his ship was attacked.

Studying in the United States

In 1949, Minoru went to the United States for school. He attended St Paul's School in New Hampshire. After that, he went to Harvard University in 1950. He earned a degree in government studies in 1954.

At Harvard, one of his roommates was Robert Monks. Robert was known for pushing companies to make big changes. Years later, Minoru said that knowing Robert helped him make important changes at Mitsubishi. Some other famous students in his class were future senator Edward Kennedy and writer John Updike. Minoru was also a member of the Phi Beta Kappa honor society.

Minoru Makihara's Career at Mitsubishi

Starting Out

After finishing his studies in the U.S., Minoru Makihara returned to Japan in 1956. He joined Mitsubishi. He spent time working in both Japan and the United States. In 1971, he went back to the U.S. to open Mitsubishi's office in Washington, D.C.. There, he met many important people, including Katharine Graham, who owned The Washington Post.

In the late 1970s, he returned to Japan. He led the marine products group, which his father had once managed. This group focused on exporting salmon and crab. In 1987, he became the head of Mitsubishi's international operations. He worked in places like London, New York, Seattle, and Washington, D.C.. He was known for his global view. Outside Japan, people sometimes called him Ben Makihara. In 1992, he became the president and chief executive of the Mitsubishi group.

Making Changes at Mitsubishi

When Minoru Makihara became chief executive, Mitsubishi was already Japan's largest trading company. However, Japan's economy was facing a downturn. The company had a lot of debt and low profits. It also had an old-fashioned way of managing things. At the same time, US–Japan relations were not very good. Minoru's job was to turn the company around.

He spoke out against the closed nature of Keiretsu. This is a Japanese business system where companies are closely linked and own parts of each other. He believed companies needed to be more open. Mitsubishi had many different businesses, from art to jet engines. Minoru explained that in the 1980s, companies grew by borrowing a lot of money. They didn't focus on making profits or using their money wisely. This led to many bad debts.

His changes at Mitsubishi included:

• Fixing the company's money problems by dealing with bad investments.
• Changing the company's culture to think more globally, not just as a Japanese trading company.
• Focusing on Western business ideas like making good returns on investments and creating value for everyone involved.

These changes were not easy. Some people called him "the alien" because he had spent so much time abroad. One of his biggest challenges was to convince his employees and the Japanese media that he was still truly Japanese. In 1996, Mitsubishi was the world's largest company by revenue, earning $176 billion. It operated in over 87 countries. Its businesses included energy, minerals, chemicals, cars, and information systems.

Minoru became the chairman of the group in 1998 and stayed in that role until 2004. During this time, he helped Mitsubishi Motors team up with the German carmaker, Daimler Chrysler.

Working for Better Trade

Minoru Makihara strongly supported good business relations between the U.S. and Japan. This was during a time when many Americans worried that Japan's growing economy was a threat. He led the US–Japan Business Council (1997–2002). He also chaired the US–Japan Conference on Cultural and Educational Interchange (2008–2014).

He was on the board of the American technology company IBM. He was also the vice chairman of Keidanren, which is Japan's main business organization. He was a member of the Trilateral Commission. This group works to improve cooperation between Japan, Europe, and North America.

Minoru Makihara's Personal Life

In 1957, Minoru Makihara married Kikuko Iwasaki. She was a childhood friend and the great-granddaughter of Mitsubishi Group's founder, Yataro Iwasaki. They had two children, a son and a daughter.

Minoru Makihara passed away on December 13, 2020, in Tokyo. He was 90 years old and died of heart failure.