Renesas Electronics Corporation (TSE: 6723, Renesas), a premier supplier of advanced semiconductor solutions, made the following decisions at a meeting of the Board of Directors held today on the nomination of part of a candidate for the Member of the Board to be submitted for approval at the Ordinary General Meeting of Shareholders held in June 2013 and the changes in its Representative Directors as well as the titles to be officially appointed at a meeting of the Board of Directors scheduled after the Ordinary General Meeting of Shareholders.
1. Purpose of the Change in Representative Director and the Titles
Renesas has been pursuing the establishment of a robust and profitable structure by engaging in structural reforms. At the same time, as announced on December 10, 2012, in "Renesas Electronics Announces Share Issue through Third-party Allotment, and Change in Major Shareholders, Largest Shareholder who is a Major Shareholder, Parent Company and Other Related Companies", Renesas also plans to boost its capital for implementing growth investments in focused areas securing the recovery of its business performance along with establishing a financial base that is resistant to drastic market changes.
Under such circumstances, Renesas resolved the nomination of Representative Director, Chairman and CEO as well as the changes in the titles of its Representative Directors at a meeting of the Board of Directors held today, on the condition that the official appointment will be made after approvals at the Ordinary General Meeting of Shareholders and a meeting of the Board of Directors held in June 2013, with the aim of strengthening the management structure intended for an earlier recovery of business performance and future growth.
2. Outline of the Changes
Name / New Position and Title / Former Position and Title
Hisao Sakuta / Representative Director, Chairman and CEO / Chairman of the Board of Directors, OMRON Corporation*
Tetsuya Tsurumaru / Representative Director, President and COO / Representative Director, President
*Note: Hisao Sakuta is scheduled to retire from the Director of OMRON Corporation after the company's Ordinary General Meeting of Shareholders on June 20, 2013.
3. Biography of the New Representative Director
Name
Hisao Sakuta
Date of Birth
September 6, 1944
Biography
April 1968 Joined OMRON Corporation
September 1987 Manager, Business Management Department, Automotive Electronic Components Division, Control Components Divisions HQ
September 1989 General Manager, Temperature Control Components Devices Division, Control Components Divisions HQ
September 1992 Senior General Manager, Strategy Planning Division,Industrial Business Group
June 1995 Director, OMRON Corporation
June 1999 Managing Officer, Omron Corporation Senior General Manager, Corporate Planning Division
June 2001 Senior Managing Officer, Omron Corporation Company President, Electronic Components Business Company
June 2003 CEO and Representative Director, OMRON Corporation
June 2012 to present Chairman of the BOD
Number of Renesas' Shares Held
0 shares
4. Schedule
The nomination of a candidate of the Member of the Board is planned to be approved at the Ordinary General Meeting of Shareholders scheduled in June 2013. Then the new Member of the Board will be officially appointed as a Representative Director at a meeting of the Board of Directors after the Ordinary General Meeting of Shareholders.
Other executive personnel changes excluding the above will be announced soon after decided.
1. Purpose of the Change in Representative Director and the Titles
Renesas has been pursuing the establishment of a robust and profitable structure by engaging in structural reforms. At the same time, as announced on December 10, 2012, in "Renesas Electronics Announces Share Issue through Third-party Allotment, and Change in Major Shareholders, Largest Shareholder who is a Major Shareholder, Parent Company and Other Related Companies", Renesas also plans to boost its capital for implementing growth investments in focused areas securing the recovery of its business performance along with establishing a financial base that is resistant to drastic market changes.
Under such circumstances, Renesas resolved the nomination of Representative Director, Chairman and CEO as well as the changes in the titles of its Representative Directors at a meeting of the Board of Directors held today, on the condition that the official appointment will be made after approvals at the Ordinary General Meeting of Shareholders and a meeting of the Board of Directors held in June 2013, with the aim of strengthening the management structure intended for an earlier recovery of business performance and future growth.
2. Outline of the Changes
Name / New Position and Title / Former Position and Title
Hisao Sakuta / Representative Director, Chairman and CEO / Chairman of the Board of Directors, OMRON Corporation*
Tetsuya Tsurumaru / Representative Director, President and COO / Representative Director, President
*Note: Hisao Sakuta is scheduled to retire from the Director of OMRON Corporation after the company's Ordinary General Meeting of Shareholders on June 20, 2013.
3. Biography of the New Representative Director
Name
Hisao Sakuta
Date of Birth
September 6, 1944
Biography
April 1968 Joined OMRON Corporation
September 1987 Manager, Business Management Department, Automotive Electronic Components Division, Control Components Divisions HQ
September 1989 General Manager, Temperature Control Components Devices Division, Control Components Divisions HQ
September 1992 Senior General Manager, Strategy Planning Division,Industrial Business Group
June 1995 Director, OMRON Corporation
June 1999 Managing Officer, Omron Corporation Senior General Manager, Corporate Planning Division
June 2001 Senior Managing Officer, Omron Corporation Company President, Electronic Components Business Company
June 2003 CEO and Representative Director, OMRON Corporation
June 2012 to present Chairman of the BOD
Number of Renesas' Shares Held
0 shares
4. Schedule
The nomination of a candidate of the Member of the Board is planned to be approved at the Ordinary General Meeting of Shareholders scheduled in June 2013. Then the new Member of the Board will be officially appointed as a Representative Director at a meeting of the Board of Directors after the Ordinary General Meeting of Shareholders.
Other executive personnel changes excluding the above will be announced soon after decided.
