TOKYO, Japan – Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today made the following decision about the change of Representative Director at a meeting of the Board of Directors held on June 25, 2019 based on recommendations from the company’s Nomination Committee, a voluntary advisory body reporting to the company’s Board of Directors.
1. Outline of the Changes
(1) Retiring (as of June 30, 2019)
| Name | New Title | Current Title |
|---|---|---|
| Bunsei Kure | - | Representative Director, President and CEO |
(Note) Bunsei Kure will resign as Member of the Board as of June 30, 2019.
(2) Newly Appointed Representative Director (as of July 1, 2019)
| Name | New Title | Current Title |
|---|---|---|
| Hidetoshi Shibata | Representative Director, President and CEO | Executive Vice President, Member of the Board and CFO |
2. Reason for the Change
In light of the worsening business performance and a huge gap between the targeted financial figures which were set as the mid-term plan in 2016 and our actual performance, the Nomination Committee, in accordance with its role, began its evaluation on whether the current CEO Bunsei Kure is the suitable Executive for recovering Renesas’ business performance and returning the company to a growth trajectory.
As a result of this evaluation, the Nomination Committee came to the conclusion that the current President and CEO does not meet the Nomination Committee’s expectations for the future Executive, and in view of the current situation of the company together with the trends at competitors, the Nomination Committee concluded that a change of management is necessary.
Based on these evaluation findings, the Nomination Committee reported to the meeting of Board of Directors held today its recommendation that the current President and CEO step down. In response to the report by the Nomination Committee, Bunsei Kure notified the company of his intention to resign from his positions as Representative Director, President and CEO and the Board of Directors accepted his request.
Based on the recommendations submitted by the Nomination Committee, made after approximately two-months’ worth of deliberations, the decision was made by resolution at today’s meeting of Board of Directors to appoint Executive Vice President, Member of the Board and CFO, Hidetoshi Shibata as the new Representative Director, President and CEO.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.
(Remarks) All other names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.
Brief Biography of the Newly Appointed Representative Director, President & CEO
(as of June 25, 2019)
| Name (Date of Birth) |
Brief Biography | No. of shares owned | |
|---|---|---|---|
| Hidetoshi Shibata (November 16, 1972) |
April 1995 | Joined Central Japan Railway Company | 2,500 shares |
| August 2001 | Joined MKS Partners Limited as Principal | ||
| August 2004 | Partner, MKS Partners Limited | ||
| October 2007 | Joined Merrill Lynch Japan Securities Co., Ltd as Global Private Equity Managing Director | ||
| September 2009 | Joined Investment Group, Innovation Network Corporation of Japan as Managing Director | ||
| June 2012 | Executive Managing Director, Investment Group, Innovation Network Corporation of Japan | ||
| October 2013 | Outside Director, Renesas Electronics Corporation | ||
| November 2013 | Executive Vice President, Member of the Board and CFO, Renesas Electronics Corporation | ||
| June 2016 | Executive Vice President and CFO, Renesas Electronics Corporation | ||
| March 2018 | Executive Vice President, Member of the Board and CFO (to the present) | ||
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