Renesas Electronics announces changes in representative directors and titles

JAPAN: Renesas Electronics Corp. made the following decisions at a meeting of the Board of Directors 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.

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 changes in the titles of its representative directors at a meeting of the Board of Directors, 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.

Hisao Sakuta is the representative director, formerly, chairman and CEO and Tetsuya Tsurumaru is the representative director, formerly, president and COO.