11 May 2016
TOKYO, Japan, May 11, 2016 — Renesas Electronics Corporation (TSE: 6723, Renesas), a premier supplier of advanced semiconductor solutions, today made the following changes concerning Members of the Board. These changes were approved at a meeting of the Board of Directors on May 11, 2016, and will become effective following the adoption of the resolutions at the 14th Ordinary General Shareholders' Meeting to be held on June 28, 2016.
1. Reason for the Changes
Under the Reform Plan aimed at establishing a stable financial foundation, Renesas proceeded with the selection and concentration of businesses, reforming the manufacturing structure and operational changes that support business- and manufacturing reforms, with March 31, 2016, as the target date for completion.
Having achieved a certain level of financial stability through these efforts, Renesas has decided to make changes to its executive lineup. The company, under a new management structure, will endeavor to stimulate growth by further strengthening its ability to deliver semiconductor solutions to the global market.
By appointing a new Outside Director who is independent of our controlling shareholders, based on our corporate governance policy, Renesas intends to increase management transparency and impartiality while, at the same time, maintaining the existing structure of five members of the board to ensure agile decision-making.
2. Outline of the Changes (As of June 28, 2016)
|Name||New Title||Current title|
|Tetsuya Tsurumaru||Representative Director, Chairman*1||Representative Director, President and CEO|
|Bunsei Kure||Representative Director, President and CEO*1, 3||Executive Adviser to CEO|
|Hidetoshi Shibata||Executive Vice President and CFO*2||Executive Vice President, Member of the Board and CFO|
|Takao Endo||Resign||Member of the Board|
|Nobuyuki Nakano||Resign||Outside Director|
|Mikihide Katsumata||Outside Director (Newly appointed)*3, 4||---|
|Jiro Iwasaki||Outside Director (Newly appointed)*3, 4||---|
*1) There is no change to the representative directors from what the company announced in the press release “Renesas Electronics Announces Change in Representative Director” issued on April 15, 2016.
*2) At the conclusion of the General Shareholders' Meeting, Mr. Shibata's term of office as Member of the Board will expire, but he will continue to serve as Executive Vice President and CFO.
*3) The one new Member of the Board and two new Outside Directors will officially be appointed following the adoption of the resolutions at the Ordinary General Shareholders' Meeting.
*4) See the attachment for the brief biographies of the newly appointed two Outside Directors.
(Note) Mr. Tetsuro Toyoda will remain in his current post of Outside Director.
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, home electronics, office automation, and information communication technology applications that help shape a limitless future. Learn more at renesas.com.
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.