Renesas Electronics Corporation (TSE: 6723, Renesas), a premier supplier of advanced semiconductor solutions, today made the following decisions at a meeting of the Board of Directors held on April 15, regarding a nomination of part of the candidates for the Member of the Board to be submitted for approval at the Ordinary General Shareholders’ Meeting in June 2016, as well as changes to its Representative Directors which would become effective at a meeting of the Board of Directors scheduled after the Ordinary General Shareholders’ Meeting.
1. Reason for the Changes
Having achieved a remarkable success on its efforts to build a stable financial base by implementing structural reforms based on the Reform Plan, Renesas is now focusing on a new growth strategy to thrive in the global marketplace. To further accelerate these efforts will require a new leader possessing abundant knowledge and experience in global operation. A decision has therefore been made to appoint a new Representative Director, President and CEO, subject to approval by the Ordinary General Shareholders’ Meeting and the Board of Directors. By changing the gears toward growth under new leadership, Renesas aims to increase its corporate value still further.
2. Outline of the Changes (As of June 2016)
| Name | New Title | Current title |
|---|---|---|
| Bunsei Kure | Representative Director, President and CEO | Executive Adviser to CEO (Note) |
| Tetsuya Tsurumaru | Representative Director, Chairman | Representative Director, President and CEO |
(Note) Effective as of April 16, 2016.
3. Brief Biography of the New Representative Director
Name Bunsei Kure
Date of Birth May 20, 1956
No. of shares held None
Apr 1979 Joined the Industrial Bank of Japan, Limited
May 2000 General Manager of Business Development Division, GE Capital Japan
May 2003 Representative Director, President and CEO, GE Fleet Service Corporation
Jun 2008 Representative Director, President and CEO, Calsonic Kansei Corporation
Jun 2013 Executive Vice President, Nidec Corporation
Jun 2014 Representative Director, Executive Vice President and COO, Nidec Corporation
Jun 2015 Representative Director and Executive Vice President, Nidec Corporation
Sep 2015 Left Nidec Corporation
Apr 2016 Executive Adviser to CEO, Renesas Electronics Corporation
4. Schedule
The nomination of a candidate of the Member of the Board is planned to be approved at the Ordinary General Shareholders’ Meeting scheduled in June 2016. The new Member of the Board will then be officially appointed as Representative Director at a meeting of the Board of Directors held afterward. Note that any additional executive personnel changes will be announced once confirmed information is available.
