Spica Consulting Announces Appointment of New Representative Director and CEO

Spica Consulting Co., Ltd. (Headquarters: Minato-ku, Tokyo; Representative Director and CEO: Tsuneo Watanabe; hereinafter referred to as "the Company"), which provides "Value-Up Consulting" to maximize corporate value and "Industry-Specific M&A," announced that Tsuneo Watanabe (Watanabe, Tsuneo) has been newly appointed as Representative Director and CEO, effective April 1, 2026 (Wednesday). Under the new management structure, the Company aims to improve its overall business quality to the top in Japan and contribute to the development of the Japanese economy by supporting the growth of small and medium-sized enterprises. Toshio Nakahara (Nakahara, Toshio), who previously served as Representative Director, will change his title to Representative Director and COO and will continue to be involved in business strategy planning and execution within the Company.

New Appointment

Name	New Position	Appointment Date
Tsuneo Watanabe	Representative Director and CEO	April 1, 2026

Position Change

Name	New Position	Former Position
Toshio Nakahara	Representative Director and COO (Chief Operating Officer)	Representative Director

◆ Background of the New Representative's Appointment

Since its establishment, the Company has contributed to the development of the Japanese economy with "highest quality industry-specific M&A" and "value-up consulting to maximize corporate value" as its two main pillars. To further improve quality and strengthen its management structure, Tsuneo Watanabe has been newly appointed as Representative Director and CEO.

Mr. Watanabe is a figure who has led "industry restructuring M&A" that goes beyond mere matching. With a strong belief in "supporting success as a business owner, not just as an investor, through M&A," he has successfully guided numerous M&A deals, leveraging his high expertise in M&A and management, as well as deep insights and specialized knowledge of the industry.

Under the new leadership of Mr. Watanabe, who has extensive experience in high-quality M&A and corporate value enhancement support, the Company aims to elevate its three businesses and activities—(1) industry-specific M&A, (2) value-up consulting, and (3) asset utilization for social good—to the No. 1 quality in Japan. Through supporting "M&A that enables continuous corporate development," we will open up new futures where each employee can shine.

◆ New Representative's Profile, Career, and Photo

Spica Consulting Co., Ltd.

Representative Director and CEO Tsuneo Watanabe

＜Profile＞

After experiencing entrepreneurship while studying at Kyoto University, he joined Nihon M&A Center. He led the M&A industry as the No. 1 consultant for M&A of small and medium-sized enterprises, being featured in Nikkei Veritas. He is a pioneer in industry restructuring M&A. In 2020, he became the youngest director at the company. On March 31, 2023, he resigned as a director of Nihon M&A Center Holdings. Subsequently, for three years, he served as an outside director and advisor for multiple listed and growth companies, contributing to the improvement of corporate value/stock prices. On April 1, 2026, he was appointed Representative Director and CEO of Spica Consulting.

＜Career History＞

September 1983	Born in Beppu City, Oita Prefecture; raised in Osaka
March 2002	Graduated from Nara Gakuen High School
March 2008	Graduated from Kyoto University, Faculty of Economics, Department of Business Administration (Marketing major)
April 2008	Joined Nihon M&A Center Co., Ltd. (currently Nihon M&A Center Holdings Co., Ltd.)
April 2016	Appointed Head of Industry Restructuring Department, same company
April 2017	Appointed Executive Officer and Head of Industry Restructuring Department, same company
April 2018	Appointed Senior Executive Officer, same company
June 2020	Appointed Director, same company (resigned March 2023)
June 2020	Appointed Director, Nihon Investment Fund Co., Ltd. (resigned 2021)
June 2021	Appointed Director, Batonzu Co., Ltd. (resigned March 2023)
October 2021	Appointed Director, Nihon M&A Center Co., Ltd. (resigned March 2023)
April 2023	Appointed Outside Director, Geolonia Co., Ltd. (resigned August 2024)
October 2023	Appointed Outside Director, LDT Co., Ltd. (resigned February 2026)
March 2024	Appointed Outside Director, BuySell Technologies Co., Ltd. (current)
March 2025	Appointed Outside Director, CyMed Co., Ltd. (current)
February 2026	Appointed Outside Director, Lightblue Co., Ltd. (current)
April 2026	Appointed Representative Director and CEO, Spica Consulting Co., Ltd.

◆ Comments from Leading Business Executives on the Appointment of the New Representative Director and CEO

Upon Mr. Watanabe's appointment as the new representative of our company, we received comments from business executives across various industries who continuously enhance corporate value (listed in alphabetical order by surname).

◆ Interview with the New Representative and Message from the Former Representative