Kazuo Inamori, founder of Kyocera, agrees to become JAL CEO

On the evening of January 13, Beijing time, according to foreign media reports today, Kazuo Inamori, founder and honorary chairman of Japan's Kyocera Corp, said on Wednesday that he had accepted the government's invitation to join Japan Airlines. CEO of Japan Airlines Corp, and has pledged to lead the troubled carrier's revival. Kazuo Inamori held talks today with officials from the Enterprise Turnaround Initiative Corp of Japan (ETIC), a quasi-government investment fund, and was later received by Japanese Prime Minister Yukio Hatoyama . Inamori said: 'I am a complete 'outsider' when it comes to the transportation industry,' but 'I have decided to take the job because both the government and ETIC want to prevent the collapse of Japan Airlines in any way.' . Kazuo Inamori is 77 years old and ranks 28th on Japan's richest list, and is known as one of Japan's four 'Saints of Management'. Japan Airlines is the largest airline operator in Asia by revenue. The company's market value has lost about $2.5 billion since Jan. 5, as investors worry that the Japanese government will support the company's bankruptcy filing as part of its restructuring plan. Japan Airlines has reported a net loss in three of the past four years as travel demand slumps and competition in its home market intensifies. 'Kazuo Inamori has a solid reputation as an industry tycoon who has grown his company and has dealt with multiple crises,' said Yuuki Sakurai, chief executive of Tokyo-based asset management firm Fukoku Capital Management Inc. But he also noted: 'I have no doubt that Kazuo Inamori is facing an extremely difficult task.' ETIC is currently drafting a restructuring plan for Japan Airlines, which is likely to include filing for bankruptcy, according to three sources familiar with the matter. The Japanese government has assisted JAL three times in the past nine years, but the current government, led by Yukio Hatoyama, is trying to take a stance that runs counter to previous administrations. 'It is very important for Japan Airlines to get rid of its dependence on the government and instead carry forward the spirit of Kazuo Inamori (rejuvenation on its own),' Yukio Hatoyama said in an interview today. He said: 'I have a high opinion of Kazuo Inamori's management ability and believe he is the most suitable candidate (to be the CEO of Japan Airlines).'