Accelerate Realization of “One Global Renesas” Following IDT Acquisition with a Two Business Unit Structure by Establishing the IoT and Infrastructure Business Unit
TOKYO, Japan – As announced on March 22, 2019 PDT, March 23 , 2019 JST, in the press release entitled “Renesas and IDT Announce Final Regulatory Approval for Renesas’ Proposed Acquisition of IDT,” Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, expects the acquisition of Integrated Device Technology, Inc. (“IDT”) to close on March 29, 2019 PDT, March 30, 2019 JST. Following this move, Renesas will accelerate its efforts towards the realization of “One Global Renesas” with the appointment of new executive personnel and a change in its organizational structure. The changes to executive personnel and an organization moving to a two-business unit structure will be implemented step-by-step, as detailed below, with the new organizational structure scheduled to be in place by July 2019.
1. Background to New Executive Personnel and Change in Organizational Structure
Aimed at achieving stable and sustainable growth in the rapidly changing, intensely competitive semiconductor market and becoming a global leading supplier of semiconductor solutions in the focus segments, Renesas has been working to expand and strengthen its business portfolio. As part of this initiative, in February 2017, Renesas acquired Intersil Corporation (“Intersil”) and its business in analog semiconductor devices, particularly power management ICs. Furthermore, with the completion of the IDT acquisition, Renesas will gain IDT’s expertise in analog semiconductor devices for applications centered on sensors, connectivity, and wireless power, extending its portfolio still further.
Following the acquisition of Intersil, Renesas pursued the integration of Intersil into its business operations to move beyond its Japan-centric management approach and advance towards the goal of realizing “One Global Renesas” by adopting a management approach based on a cross-regional, global organizational structure. The IDT acquisition will further accelerate this process, and in order to assure a smooth business integration transition, Dr. Sailesh Chittipeddi, IDT’s current Executive Vice President, Global Operations and Chief Technology Officer of IDT, will assume the concurrent posts of President and CEO of IDT and Executive Vice President of Renesas effective March 30, 2019.
Additionally, in order to efficiently and rapidly carry out the integration of IDT’s business operations, Renesas will merge the current Industrial Solution Business Unit (“IBU”) and Broad-based Solution Business Unit (“BBU”), which oversee businesses in a wide range of fields, including non-automotive industrial and infrastructure, to form the new IoT and Infrastructure Business Unit (“IIBU”), effective July 1, 2019. Together with the current Automotive Solution Business Unit (“ABU”), which oversees the automotive business, the IIBU will consolidate its position as the second pillar of Renesas’ business model moving forwards. Dr. Sailesh Chittipeddi will lead IIBU, where he will work to accelerate the generation of synergies between digital and analog through consolidation of IBU and BBU as well as IDT’s integration. The transition to this new organizational structure based on two business units, ABU and IIBU, will enable Renesas to efficiently and swiftly focus its resources on products and solutions with high profit ratios and an ability to generate cash, giving rise to solutions that are both highly competitive and provide high added value, and realizing future growth as “One Global Renesas.”
2. Outline of the Executive Personnel Changes
Note: Asterisks (*) indicate position currently held.
(1) Change in Executive Vice Presidents
[As of March 30, 2019]
New Executive Vice President:
Sailesh Chittipeddi, Executive Vice President, Global Operations and Chief Technology Officer of IDT *
(Note) Dr. Chittipeddi will also assume the role of President and CEO of IDT as of March 30, 2019.
[As of March 31, 2019]
Retiring Executive Vice Presidents:
Yoshikazu Yokota, Executive Vice President and General Manager of Industrial Solution Business Unit*
(Note) Mr. Yokota will assume the role of Fellow effective April 1, 2019.
Necip Sayiner, Executive Vice President and General Manager of Broad-based Solution Business Unit*
(2) Change in Senior Vice Presidents
[As of March 31, 2019]
Retiring Senior Vice President:
Michael Hannawald, Senior Vice President and Deputy General Manager of Industrial Solution Business Unit*
[As of April 1, 2019]
New Senior Vice Presidents:
Chris Allexandre, Senior Vice President of Global Sales and Marketing, IDT*
Roger Wendelken, Vice President of Global Sales Division, Broad-based Solution Business Unit*
(See the attachment (PDF: 113 KB) for brief biographies of the newly appointed executives, Dr. Chittipeddi, Mr. Allexandre and Mr. Wendelken.)
(3). Reference: Executive team as of April 1, 2019
| Position | Name |
|---|---|
| Representative Director, Chairman | Tetsuya Tsurumaru |
| Representative Director, President and CEO | Bunsei Kure |
| Executive Vice President, Member of the Board and CFO | Hidetoshi Shibata |
| Outside Director | Tetsuro Toyoda |
| Outside Director | Jiro Iwasaki |
| Outside Director | Kyoko Okumiya |
| Outside Director | Yukiko Nakagawa |
| Outside Corporate Auditor | Kazuki Fukuda |
| Outside Corporate Auditor (part-time) | Kazuyoshi Yamazaki |
| Outside Corporate Auditor (part-time) | Noboru Yamamoto |
| Outside Corporate Auditor (part-time) | Takeshi Sekine |
| Executive Vice President | Masahiko Nozaki |
| Executive Vice President | Manabu Kawashima |
| Executive Vice President | Hirotaka Yamanami |
| Executive Vice President | Shingo Yamamoto |
| Executive Vice President | Sailesh Chittipeddi |
| Senior Vice President | Tomomitsu Maoka |
| Senior Vice President | Hiroto Nitta |
| Senior Vice President | Shinichi Yoshioka |
| Senior Vice President | Olav Schulte |
| Senior Vice President | Chris Allexandre |
| Senior Vice President | Roger Wendelken |
3. New Organizational Chart and Scope of Responsibility of Executive Vice Presidents and Senior Vice Presidents
The transition to the new organizational structure will proceed step-by-step, taking factors such as the state of the business integration preparations with IDT into account.
(Notes)
*1 Olav Schulte: Effective April 1, 2019, Mr. Schulte will assume the role of President of Renesas Electronics Europe GmbH.
*2 Sailesh Chittipeddi: Effective April 1, 2019, Dr. Chittipeddi will assume the role of President of Renesas Electronics America Inc.
*3 Hiroto Nitta: Effective April 1, 2019, Mr. Nitta will assume the role of Head of Industrial Solution Business in the Industrial Solution Business Unit and continue to assume current role of Vice President of Broad-based Marketing Division in the Broad-based Solution Business Unit. Then, effective July 1, 2019, Mr. Nitta will assume the role of Head of SoC Business in the IoT and Infrastructure Business Unit.
*4 Chris Allexandre: Effective April 1, 2019, Mr. Allexandre will assume the role of Head of Sales in both the Industrial Solution Business Unit and the Broad-based Solution Business Unit. Then effective July 1, 2019, Mr. Allexandre will assume the role of Head of Sales and Corporate Digital Marketing in the IoT and Infrastructure Business Unit.
*5 Roger Wendelken: Effective April 1, 2019, Mr. Wendelken will assume the role of Head of Broad-based MCU Business in the Broad-based Solution Business Unit. Then effective July 1, 2019, Mr. Wendelken will assume the role of Head of MCU Business in the IoT and Infrastructure Business Unit.
*6 Tomomitsu Maoka: Effective April 1, 2019, Mr. Maoka will assume the role of Deputy General Manager of the Production and Technology Unit.
*7 IoT and Infrastructure Business Unit: Effective July 1, 2019, The Industrial Solution Business Unit and the Broad-based Solution Business Unit will be merged to form the IoT and Infrastructure Business Unit.
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.
The content in the press release, including, but not limited to, product prices and specifications, is based on the information as of the date indicated on the document, but may be subject to change without prior notice.