Mizuho Bank President Koji Fujiwara is to fall on his sword after being held responsible for a widespread series of outages that hit the Japanese bank between February and March.
Fujiwara, who was nominated for the chairmanship of the bank earlier this year, will leave his position by the end of this month, reports news service Nikkei.
Group CEO Tatsufumi Sakai, 61, will keep his job but may face a salary cut, while dozens of other staff will also be held responsible for the system failures.
The spate of glitches - which has been blamed on malfunctioning hardware from Hitachi - has undermined confidence in Mizuho Bank, one of the country’s three megabanks, following large-scale system failures in 2002 and 2011.
Around 80% of Mizuho’s ATMs in operation, or 4,318, were temporarily suspended while 5,244 bank cards and books were stuck in the machines.
Mizuho has set up a third party panel of experts to look into the system failures, which also resulted in the delay of 263 foreign currency-denominated remittances to other banks in Japan for corporate customers.